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A contractual arrangement requires payments of $1.25 million on 1 October 2021 and $2.25 million on 1 October 2023. Calculate an equivalent single amount payable

A contractual arrangement requires payments of $1.25 million on 1 October 2021 and $2.25 million on 1 October 2023. Calculate an equivalent single amount payable on 1 April 2020 at an interest rate of 12% p.a. compounding half-yearly.

Answer is $2,545,902.61. How?

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