Gillian Armes invested $10 000 in an income fund at 13% compounded semi- annually for 20 years.

Question:

Gillian Armes invested $10 000 in an income fund at 13% compounded semi- annually for 20 years. After 20 years, she is to receive semi-annual payments of $10 000 at the end of every 6-month period until the fund is exhausted. What is the size of the final payment?

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