Present value of an annuity due
AnnuityPayment  PaymentFrequency  TimePeriod (yrs)  Nominal Rate

InterestCompounded  Present Value of the Annuity 
22.  $700  every 6 months  7  3.6  semiannually 
To calculate: The present value of annuity due, where annuity payment is
Given Information:
Annuity payment is
Formula used:
The formula to compute the present value of an annuity due is,
Where,
Calculation:
Consider the provided information,
Annuity payment is
The interest rate per period is
The number of periods is
Now, substitute
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