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A leasing contract calls for an immediate payment of $110,000 and nine subsequent $110,000 semiannual payments at six-month intervals. What is the PV of these

A leasing contract calls for an immediate payment of $110,000 and nine subsequent $110,000 semiannual payments at six-month intervals. What is the PV of these payments if the annual discount rate is 8%? (Hint: First find the semiannual rate that is equivalent to the annual rate.)

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