Math Interest Theory/ Financial Math

Please Use Formulas

1. (4pts) Find the present value, 2 years before the first payment is made, of an inheritance of twenty-year annuity, on which payments are $100 at the beginning of each quarterly year, assuming a nominal rate of interest of 6% convertible monthly, by (1) finding the equivalent interest rate convertible at the same frequency as payments. (2) using the formula ("Fission" method). (Answer: $4,169.15)