If money is worth 16 compounded semiannually what must be, Financial Management

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If money is worth 16 compounded semiannually what must be

A person owes $3000 due in 6 months, but wished to resettle the debt as follows: $1000 cash today, $1000 cash at the end of 11 years, and the balance through 20 equal semiannual payments, the first due 6 months from now. If money is worth 16% compounded semiannually, what must be the size of each equal semiannual payment?

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Financial Management: If money is worth 16 compounded semiannually what must be

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Financial Management: If money is worth 16 compounded semiannually what must be

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