Find the first quarterly payment

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Question - A decreasing annuity is issued effectively January 1, 1991. The first payment is made on April 1, 1991,and payments continue to be made quarterly, and a total of 40 payments are to be made. Every subsequent payment is decreased by $300 when compared to the previous payment. The interest rate is the nominal annual rate of 8% convertible quarterly. As of January 1, 1996, immediately after a payment is made, the present value of the remaining payments is $50,000. Find the first quarterly payment.

Reference no: EM132747056

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