How much strips in dollar amount must the insurer buy now, Financial Management

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How much strips in dollar amount must the insurer buy now

A life insurer owes $800,000 in 8 years. To fund this outflow the insurer wishes to buy strips that mature in 8 years. The strips have a $1000 face value per strip and a 6% annual rate with semi-annual compounding. How much strips (in dollar amount) must the insurer buy now to fully fund the expected cash outflow (to the nearest dollar) in 8 years?

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