Please provide a step-by-step analysis and explanation

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A friend wants to borrow money from you. He states that he will pay you $4,500 every 6 months for 13 years with the first payment exactly 2 years and six months from today. The interest rate is 6.8 percent compounded semiannually. What is the value of the payments today?

Please provide a step-by-step analysis and explanation. Preferably using a spreadsheet and or financial calculator.

Reference no: EM132375547

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