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18. What is the Present value of USD 15,000 that you will receive end of year 3 if the interest rate is 8% compounded semi-annually?

18. What is the Present value of USD 15,000 that you will receive end of year 3 if the interest rate is 8% compounded semi-annually? *

a) $11,500

b) $12,652

c) $11,855

d) $12,323

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