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**Ife** I am not sure what's the correct approach to this question. Can I get some guidance please??

As part of a retirement package for a local oil company, Jerry will receive $36,000 every 6 months for the next 20 years.

If the funds to fund this pension are invested at a rate of $\displaystyle J_1 = 8 \%$, how much money is there initially in the fund?

I am getting an equivalent interest rate: $\displaystyle J_2 = 0.0392$, and a present value for the total payments to be 991,741. Whats the correct thing to do??