Question 17

A friend wants to borrow money from you. He states that he will pay you $4,500 every 6months for 13 years with the first payment exactly 2 years and six months from today. The interest rate is 6.8 percent compounded semiannually. What is the value of the payments today?

Please provide a step-by-step analysis and explanation. Preferably using a spreadsheet and or financial calculator. Thank you.