The Massive Chemical Corporation starts an annuity to pay for the huge government penalties they expect in 2 years when...keliea
The Massive Chemical Corporation starts an annuity to pay for the huge government penalties they expect in 2 years when a pending case finally gets lifted. Their lead attorney informs them that they can expect a 2,000,000 dollar fine. An investment house offers 8.5% interest on annuities of that size, compounded semiannually. What will be the semiannual payment be on this annuity? Round to the nearest cent.
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