A sum of $15 700.00 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 6 months for 5.5 years. If interest on the annuity is 7.95% compounded monthly, what is the size of the equal payments?

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The Answer of A sum of $15 700.00 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 6 months for 5.5 years. If interest on the annuity is 7.95% compounded monthly, what is the size of the equal payments?

A Sum of $15 700