Question: An annuity pays $ 2 , 0 0 0 at the end of each half - year for 5 years and then $ 1 ,

An annuity pays $2,000 at the end of each half-year for 5 years and then $1,000 at the end of
each half-year for the next 8 years. Determine the discounted value of these payments if interest
is 4% with semi-annual compounding.

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