13. If the present value of an annuity due of $400 payable semi-annually is$5600 and interest is computed at 6% compounded semi-annually,what is the number of payments? (6 marks)
Present Value of an annuity
Annuity : A=$ 40 0 Interest :i=6 = 6
100 Compounded semi?annually
Number of periods per year : p=2 ( 2 semesters per year ) i 0.06
Rate per period :r = =...
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