You have purchased an investment that promises to pay you a constant $300 every six months, indefinitely. Your required annual rate of return is 6%, compounded semi-annually; assume that this rate...

You have purchased an investment that promises to pay you a constant $300 every six months, indefinitely. Your required annual rate of return is 6%, compounded semi-annually; assume that this rate will be the same indefinitely. What is the present value of this investment three years from now? (Hint: You cannot use a financial calculator to solve this problem.)