Homework Answers
Amount = $ 1,500
Time, n = 8 years = 32 quarters
Interest rate = 9% per annum compounded monthly
Effective rate, r =(1 +3× 0.09/12)3 - 1 = 0.0226691
Effective interest rate = 2.26691% per quarter
PW = 1,500 × 22.58301866
PW = $ 33,874.53
The present worth of the given cash flow is $ 33,874.53
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