In a series of semiannual payments of P2,500 each the first payment is due at the end of 4 years and 6 months and the last payment at the end of 15 years and 6 months. What is the present value of the deferred annuity, if money is worth 5 % compounded semiannually?

mannualy solve using this formula

To find the present value of a deferred annuity, apply the formula (1 + r)-n] A(n,k) = R(1 + r)-k r ) 1 where R, is the period payment, r, is the periodic interest rate, n, is the total time period or number of times payment is made, and k, is the number of deferred periods