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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

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?

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