Problem
What amount will be required to purchase, on an engineers's 40th birthday, an annuity to provide him with 30 equal semiannual payments of $1000 each, the first to be received on his 50th birthday, if nominal interest is 4% compounded semiannually?
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.