(Solution) - The first of a series of equal monthly cash flows -(2025 Original AI-Free Solution)

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The first of a series of equal, monthly cash flows of $2000 occurred on April 1, 1998, and the last of the monthly cash flows occurred on February 1, 2000. This series of monthly cash flows is equivalent to a series of semiannual cash flows. The first semiannual cash flow occurred on July 1,2001, and the last semi- annual cash flow will occur on January 1,2010. What is the amount of each semiannual cash flow? Use a nominal interest rate of 12% with monthly com- pounding on all accounts.