Question: A contract can be fulfilled by making an immediate payment of $11,900 or equal payments at the end of every six months for 12

A contract can be fulfilled by making an immediate payment of $11,900 or equal payments at the end of every six months for 12 years. What is the size of the semi-annually payments at 5.5% 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.) Find the term of the following ordinary general annuity. State your answer in years and months (from 0 to 11 months). Present Periodic Value Payment $9000 $295 Payment Interval month Interest Rate Compounding Period 5% annually The term of the annuity is year(s) and month(s).

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