Craig owes Eric $4,000 due at the end of 2 years, and $8,500 due at the end of 7 years. Instead, Craig arranges with Eric to repay his debt with 16 semi-annual payments based on il2) = 11%. Find the semi-annual payment assuming: If the first semi-annual payment is in 6 months, then the semi-annual payment rounded to the nearest dollar is $693. Find the value to the nearest cent. If the first semi-annual payment is in 1-years, find the semi-annual payment to the nearest cent