A contract can be fulfilled by making an immediate payment of $7262, or equal payments at the end of every year for 4 years. What is the size of the annual payments at 9% per annum compounded semi-annually? The annual payments are $. (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)

Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
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A contract can be fulfilled by making an immediate payment of $7262, or equal payments at the end of every year for 4
years. What is the size of the annual payments at 9% per annum compounded semi-annually?
The annual payments are $.
(Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)
Transcribed Image Text:A contract can be fulfilled by making an immediate payment of $7262, or equal payments at the end of every year for 4 years. What is the size of the annual payments at 9% per annum compounded semi-annually? The annual payments are $. (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)
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