Question 1077173
money is worth 8% per year compounded semi-annually.


1500 payment is made at the end of each semi-annual period or 2 years.


time period is semi-annually.


interest rate per time period is 8% / 2 = 4%.


number of time periods is 2 * 2 = 4.


you can use the following calculator to find the present value of an annuity with end of time period payments.


<a href = "https://arachnoid.com/finance/" target = "_blank">https://arachnoid.com/finance/</a>


your inputs will look like this:


<img src = "http://theo.x10hosting.com/2017/041901.jpg" alt="$$$" </>


your output will look like this after you click on PV:


<img src = "http://theo.x10hosting.com/2017/041902.jpg" alt="$$$" </>


the manual formula you would use can be found in the following reference:


<a href = "https://www.algebra.com/algebra/homework/Finance/THEO-2016-04-29.lesson#notes" target = "_blank">https://www.algebra.com/algebra/homework/Finance/THEO-2016-04-29.lesson#notes</a>


the formula you are looking for is titled:


PRESENT VALUE OF AN ANNUITY WITH END OF TIME PERIOD PAYMENTS 


when you use the formula, you enter 4% as .04.


make sure you use all the parentheses exactly as shown in the formula.