What equal payments at the beginning of each quarter for five years are economically equivalent to...
What equal payments at the beginning of each quarter for five years are economically equivalent to $20,000 on the date of the first payment if money can earn 6% compounded quarterly?
Select one:
a. $2734.12
b. $2693.71
c. $852.13
d. $1164.91
e. $1147.70
Homework Answers
Equal payments are calculated using the PMT function as follows:
=PMT(rate,nper,pv,fv,1 or 0)
=PMT(6%/4,5*4,20000,,1)
=1147.70
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