A contract can be fulfilled by making an immediate payment of $\$ 11,700$ or equal payments at the end of every six months for 12 years. What is the size of the semi-annualiy payments at $5.6 \%$ compounded semi-annually?
The payment is $\$$
(Round the final answer to the nearest cent as needed. Round all intermediate values lo six decmar places as needed)

Step 1 ：Given that the present value (PV) is $11,700, the interest rate per period (r) is 5.6% compounded semi-annually, and the number of periods (n) is 12 years * 2 = 24.

Step 2 ：We can calculate the interest rate per period (r) as follows: \(r = \frac{5.6\%}{2 \times 100} = 0.028\)

Step 3 ：Substitute the values into the formula for the payment of an ordinary annuity: \(P = \frac{PV}{(1 - (1 + r)^{-n}) / r}\)

Step 4 ：Substitute the values into the formula: \(P = \frac{11700}{(1 - (1 + 0.028)^{-24}) / 0.028}\)

Step 5 ：Solving the equation gives: \(P = 676.0559548463494\)

Step 6 ：Rounding to the nearest cent gives the final answer: \(\boxed{676.06}\)