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
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
What equal payments at the beginning of each quarter for five years are economically equivalent to...
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