The first of a series of equal monthly cash flows of$2000
Chapter , Problem 4-115(choose chapter or problem)
The first of a series of equal monthly cash flows of$2000 occurred on April 1, 2008, and the last of themonthly cash flows occurred on February 1, 2010. This series of monthly cash flows is equivalent to aseries of semiannualcash flows. The first semiannualcash flow occurred on July 1, 2011, and the lastsemiannual cash flow will occur on January 1, 2020.What is the amount of each semiannual cash flow?Use a nominal interest rate of 12% with monthlycompounding on all accounts.
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