Problem $2-36$ Compounding intervals

A leasing contract calls for an immediate payment of $$115,000$ and nine subsequent $$115,000$ semiannual payments at six$-$month intervals. What is the PV of these payments if the annual discount rate is $8\%?($Hint: First find the semiannual rate that is equivalent to the annual rate.$)$

Note: Do not round intermediate calculations. Round your answer to $2$ decimal places.

Present value