Question: What amount will be required to purchase, on an engineer's 40th birthday, an annuity to provide him with 25 equal semiannual payments of $10,000 each,

What amount will be required to purchase, on an engineer's 40th birthday, an annuity to provide him with 25 equal semiannual payments of $10,000 each, the first to be received on his 60th birthday, if nominal interest is 4% compounded semiannually?

$90,188

$33,841

$88,420

$32,539

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