Question: A contract can be fulfilled by making an immediate payment of $11,700 or equal payments at the end of every six months for 7 years.

A contract can be fulfilled by making an immediate payment of

A contract can be fulfilled by making an immediate payment of $11,700 or equal payments at the end of every six months for 7 years. What is the size of the semi-annually payments at 4.7% compounded semi-annually? The payment is $ (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)

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