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You have just won a very special prize, a consol bond that pays $80,000 every six months (semi-annual payment) forever. The only caveat is that
You have just won a very special prize, a "consol" bond that pays $80,000 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 14 quarterly payments with the first payment starting one quarter from now. If the APR is 24% compounded monthly, what is the quarterly payment amount you want to receive instead?
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