Your friend is considering investing $6,000 at the end of every quarter for the next eight years in a bank account paying 6% p

Finance Sep 15, 2020

Your friend is considering investing $6,000 at the end of every quarter for the next eight years in a bank account paying 6% p.a. The first contribution will be made at the end of the first quarter. If interest is compounded on a monthly basis, the present value of this investment plan will be closest to:

Group of answer choices

$208,117.

$177,020.

$151,432.

$149,035.

Expert Solution

Formulas Used:

Present Value

=PV(B6,B5,-B4)

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