Answer is 107,591.16

Change your "r" to .065 / 2 =.0325 (very important)

So you basically are doing it right.

EASIER like this:

P = Present value ( ?)

a = annuity amount (7400)

n = number of periods (20)

i = periodic interest rate (.0325)

Formula:

P = a[1 - 1/(1 + i)^n] / i

P = 7400[1 - 1/(1+.0325)^20] / .0325 = 107591.16