The first of a series of equal semiannual cash flows occurs on July 1, 1997, and the
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The first of a series of equal semiannual cash flows occurs on July 1, 1997, and the last occurs on January 1, 2010. Each cash flow is equal to $128,000. The nominal interest rate is 12% compounded semiannually. What single amount on July 1, 2001 is equivalent to this cash flow system?
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