Question: I need help with a homework problem There is a life insurance pay policy which has the option of receiving a lump- sum payment of

I need help with a homework problem

There is a life insurance pay policy which has the option of receiving a lump- sum payment of $500,000 or 24 equal payments for every 6 moths, where the frist payment is due at once. If interest is at 4.8% compounded semiannually. find the semi- annual payment.

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