Question: What amount will be required to purchase, on a man's 40th birthday, an annuity to provide him with 30 equal semiannual payments of $1000 each,

What amount will be required to purchase, on a man's 40th birthday, an annuity to provide him with 30 equal semiannual payments of $1000 each, the first to be received on his 50th birthday, if nominal interest is 4% compounded semiannually?

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