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Rates are 8% p.a. compounded semi-annually. a. What is the value today of a security that promises to pay you $10,000 each two years forever

Rates are 8% p.a. compounded semi-annually.

a. What is the value today of a security that promises to pay you $10,000 each two years forever with the first cash flow due in exactly1 year?

b. What is the value today of a security that promises to pay you $10,000 each two years with the first cash flow due today?

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