Answer
$\$ 2601.59$
Work Step by Step
(see p. 870)
The present value $A_{p}$ of an annuity consisting of
$n$ regular equal payments of size $R$
with interest rate $i$ per time period
is given by $A_{p}=R\displaystyle \frac{1-(1+i)^{-n}}{i}$
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Given
$\mathrm{R}=200, n=20,$
semiannualy = twice per year:
$i=\displaystyle \frac{0.09}{2}=0.045. $
$A_{p}=200\displaystyle \times\frac{1-(1+0.045)^{-20}}{0.045}=\$ 2601.59$
