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A friend wants to borrow money from you. He states that he will pay you $4,800 every 6months for 10 years with the first payment
A friend wants to borrow money from you. He states that he will pay you $4,800 every 6months for 10 years with the first payment exactly 3 years and six months from today. The interest rate is an APR of 7.1 percent with semiannual compounding. What is the value of the payments today? (Show your work)
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Intermediate Accounting Reporting and Analysis
Authors: James M. Wahlen, Jefferson P. Jones, Donald Pagach
3rd edition
9781337909402, 978-1337788281
