Question: What amount will be required to purchase, on an engineers 47th birthday, an annuity to provide him with 20 equal semiannual payments of $25,000 each,

What amount will be required to purchase, on an engineers 47th birthday, an annuity to provide him with 20 equal semiannual payments of $25,000 each, the rst to be received on his 60th birthday, if nominal interest is 5% compounded semiannually?

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