Question: A contract can be fulfilled by making an immediate payment of $3190, or equal payments at the end of every six months for 5 years.

A contract can be fulfilled by making an immediate payment of $3190, or equal payments at the end of every six months for 5 years. What is the size of the semi-annual payments at 11% per annum compounded annually?

Question Part 1

The semi-annual payments are?

(Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)

Please do not do in Excel Format I need in Explanation please

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