We receive 50 beginning of each month for a term of n-years. We wish to replace it with an annuity paying at the end of each semiannual period for the same term. The exchange is based upon a nominal annual interest rate of 9% payable monthly. What is the semiannual payment?

4. We receive 50 b Gginning of each month for a term of n-years. We wish to replace it with an annuity paying at the end of each semiannual period for the same term. The exchange is based upon a nominal annual interest rate of 9% payable monthly. What is the semiannual payment