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A friend wants to borrow money from you. He states that he will pay you $2,500 every 6 months for 7 years with the first

A friend wants to borrow money from you. He states that he will pay you $2,500 every 6 months for 7 years with the first payment exactly 3 years and six months from today. The interest rate is 4.8 percent compounded semiannually. What is the value of the payments today?

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