Can someone explain why monthly is being used vs quarterly between these two solved equations? The question doesnt specifically ask for quarterly or monthly rates so how do I know which to use?

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3. Consider the following cash flows: 2 3 4 End of Month 1 Cash Flow $1,500 $2,400 $1,400 $200$2,800 If the effective annual rate is 27 percent, what is the present value of the cash flows? Cash Flow Freqency a. $7,814.75 b. $3,169.22 c. $8,673.51 d. $4,276.95 $1500 $2400 $1400 $%200 $2800 First find the monthly rate (1.27)11210.020117763495523 Find NPV @ 2.0 117763495523%-$7.814.75