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You have just won a prize that pays today $ 4 0 0 , 0 0 0 . However, you really want to receive 1

You have just won a prize that pays today $

400, 000 .

However, you really want to receive

18

semi

-

annually payments with the first payment starting one semester from now. If the APR is

12 %

compounded quarterly, what is the semia

-

annual payment amount you want to receive instead?

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