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Jack wants to buy a boat today today but has realised that if he takes out a loan he can only repay $700 quarterly, with

Jack wants to buy a boat today today but has realised that if he takes out a loan he can only repay $700 quarterly, with payments made at the beginning of each quarter, over the next 9 years. How much can he spend on his boat today if the interest rate is 12.0% per annum compounded quarterly?

Select one:

a. $15741.05

b. $3729.77

c. $15282.58

d. $4177.35

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