You have just won a very special prize, a "consol" bond that pays

$70,000

every six months (semi-annual payment) forever. The only caveat is that the first payments is given 6.5 years from now. You are not that enthusiastic about waiting that long. In fact, you really want to simply receive 12 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

$1,240.75

then enter 1241 (some problems might let you use commas though).\ You can use the attached excel file which includes the formulas for TVM, click here

You have just won a very special prize, a "consol" bond that pays $70,000 every six months (semi-annual payment) forever. The only caveat is that the first payments is given 6.5 years from now. You are not that enthusiastic about waiting that long. In fact, you really want to simply receive 12 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 $1,240.75 then enter 1241 (some problems might let you use commas though). You can use the attached excel file which includes the formulas for TVM, click here