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A five year annuity due has semiannual payments with the first payment starting two years from now. The first payment is 800 and decreases by

A five year annuity due has semiannual payments with the first payment starting two years from now.

The first payment is 800 and decreases by 50 per payment thereafter. Calculate the present value of this annuity, given that the nominal rate of interest compounded semiannually is 8%.

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