A person owns a $5,000, 12% bond. With payments made semiannually and 15 years until maturity, find the constant - dollar equivalent (base year, t = 0) for the following bond payments. The future inflation rate is expected to be 4% per year compounded semiannually. a. 8th payment. Answer: $256.05 b. 4th payment. c. 20th payment. d. 27th payment. e. Last interest payment