A sum of $15,700 is invested at 6.48% compounded semi-annually for eight years. After the eight years, the balance in the fund is converted into an annuity paying equal payments at the end of every six months for 5.5 years. If interest on the annuity is 7.95% compounded monthly, what is the size of the equal payment
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A sum of $15,700 is invested at 6.48% compounded semi-annually for eight years. After the eight years, the balance in the fund is converted into an annuity paying equal payments at the end of every six months for 5.5 years. If interest on the annuity is 7.95% compounded monthly, what is the size of the equal payment
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