"Bruno Campanini" wrote:
"PJF" wrote:
The result I got was: $3,869,699.64
[....]
Their calculation is definetely WRONG!!! Mathematically:
4 725 000 / ((1 + 0.105)^2) = 3 869 990.64

I don't know how you got 3,869,990.64. Probably just a
recording error. But both Excel and an HP11C calculator
compute 4725000/(1.105^2) = 3869699.64, which also
matches the PV() function result for annual compouning.
(No surprise.)