Suppose you deposit $1,000 at the end of each quarter for five years at an interest rate of 9% compounded monthly. Which of the following formulas will determine the equal annual end‐of‐year deposit amount that would accumulate the same balance over five years under the same interest compounding as the $1,000 deposited quarterly?
(a) A = [$1,000(F/A, 2.25%, 20)] × (A/F, 9%, 5).
(b) A = $4,000 (F/A, 9%, 5).
(c) A = $1,000 (F/A, 9%/12, 20) × (A/F, 9%, 5).
(d) None of the above.