Payments are equal series of payments

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Reference no: EM13859512

You receive payments at the end of each Quarter starting at the end of Quarter 1 and lasting 5 years (so the last payment you receive is at the end of Quarter 20). These payments are an equal series of payments of $500 for all 20 payment periods. The interest rate is 6% annual rate compounded monthly. What present value P is equal to this series of 20 payments?

Reference no: EM13859512

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