Question: Jack will receive $2000 every two years from a fund. He will receive 10 payments in total with the first payment being paid 5 years

Jack will receive $2000 every two years from a fund. He will receive 10 payments in total with the first payment being paid 5 years from now. Given that the nominal rate of interest convertible semiannually is 7%, calculate the present value of the payments Jack will receive.

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