I don't get it how you computed for the present value, please I need a much more detailed answer for this exercise.

A 10 -year annuity paying $x at the beginning of every year (i.e. the first of ten payments is made today) is worth the same (today) as an annuity of \$200 payable every 6 months for 10 years (20 payments), the first payment of which is due 66 months from now. If the annual interest rate (compounded annually) is 5%, find x Expert Answer Step-by-step Step 1/2 Present value of the annuity to be received for 20 periods at the end of the 10 years is computed as under