An annuity consists of payments of $700 made at the beginning of every quarter for 5 years. If the annuity earns 8% compounded semiannually, calculate present value.

Compounded Semiannually

Interest calculation technique where interest is added to the principal sum twice a year, enhancing the base amount for future interest calculations.

Present Value

The existing value of a future amount of money or series of payments, factoring in a chosen rate of return.

Beginning of Every Quarter

This refers to the start of each three-month period in a year, often used in financial contexts for reporting and interest calculation.