Suppose Payments Will Be Made for Years at the End

question 97

Short Answer

Suppose payments will be made for years at the end of each semiannual period into an ordinary annuity earning interest at the rate of 8.5%/year compounded semiannually. If the present value of the annuity is $55,000, what should be the size of each payment? Round your answer to the nearest cent.
R = $__________