Problem
The first of a series of equal monthly cash flows of $2000 occurred on April 1, 2008, and the last of the monthly cash flows occurred on February 1, 2010. This series of monthly cash flows is equivalent to a series of semiannual cash flows. The first semiannual cash flow occurred on July 1, 2011, and the last semiannual cash flow will occur on January 1, 2020. What is the amount of each semiannual cash flow? Use a nominal interest rate of 12% with monthly compounding on all accounts.
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.