Question: TNT Ltd . has just received a very large sum of money by selling off one of its subsidiaries. It immediately uses the funds to

TNT Ltd. has just received a very large sum of money by selling off one of its subsidiaries. It immediately uses the funds to buy an annuity that will pay it back ten installments of $2,000,000 for ten years starting one year from today. Money is worth 10% per annum and the investment is compounded semi-annually. How much did the annuity cost rounded to the nearest dollar?
Multiple Choice
None of the above
$15,443,460
$15,994,314
$14,922,244
$16,289,655

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