Mufasa would like to have $80,000 in his RRSP 20 years from now. He will make payments at the end of each six-month period for 20 years. The interest rate is 8% compounded quarterly. What expression can be used for the equivalent rate per payment period (p) ?

Select one:

a.

p = 1. 02^0. 5 - 1

b.

p = 1. 08^2 - 1

c.

p = 1. 02^2 - 1

d.

p = 1. 02^4 - 1