Question $27$

$($Estimated time allowance: $17$ minutes$)$ You have just won a very special prize, a "consol"

bond that pays $$3,000$ every six months $($semi$-$annual payment$)$ forever. The only caveat is

that the first payments is given $4$ years from now. You are not that enthusiastic about

waiting that long. In fact, you really want to simply receive $8$ quarterly payments with the

first payment starting one quarter from now. If the APR is $12\%$ compounded monthly,

what is the quarterly payment amount you want to receive instead? For your answer round

to the nearest dollar, do not enter the dollar $($$$)$ sign, and do not use commas for the

thousands. For example, if you obtained $$1009\mathrm{.}75$ then enter $1010$

You can use the attached excel file which includes the formulas for TVM$,$ click here