Ordinary Annuity Help 1

semi annual mean 1/2 year-6 months

semi annual mean 1/2 year-6 months

For an ordinary annuity with semi-annual payments, if the payments began on April 1, 2012, when will the seventh payment be made?

Any help would be appreciated. thanks

Obviously from April 1, 2012 to April 1, 2016 is exactly 4 years. Since the payments are semi-annual, this, of course, means that there would be 4 X 2=8 payment, the last payment being on April 1, 2016. So, one semi-annual payment LESS, would be 6 months earlier, or Oct. 1, 2015, which is your answer.