A friend wants to borrow money from you. He states that he will pay you $4,700 every 6 months for 9 years with the first payment exactly 2 years and six months from today. The interest rate is an APR of 5.8 percent with semiannual compounding. What is the value of the payments today? Multiple Choice $56,508.47 $60,085.46 $37,450.44 $58,239.70 $58,147.22