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A contract can be fulfilled by making an immediate payment of $8722, or equal payments at the end of every six months for 8 years.

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A contract can be fulfilled by making an immediate payment of $8722, or equal payments at the end of every six months for 8 years. What is the size of the semi-annual payments at 7% per annum compounded quarterly? The semi-annual payments are $ (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)

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