Using technology, determine the present value given that you make quarterly payments of $1,635 at 4.2% compouded quarterly over a 3 year period. round your answer to the nearest cent. a. $15,168.06 c. $19,180.84 b. $19,188.94 d. $18,344.05

Option (a) is correct.

The present value is $15,168.06.

Step-by-step explanation:

 Given : quarterly payments of $1,635 at 4.2% compounded quarterly over a 3 year period.

We have to find the present value that is the amount of loan taken so that we have to pay  quarterly payments of $1,635 at 4.2% compounded quarterly over a 3 year period.

Given that payment is made quarterly that is 4 times in a year.

Payment =  $1,635.

Rate of interest =4.2% compounded quarterly = 0.042 compounded quarterly

Time period = 3 years = 3 × 4 = 12

Thus,

Where A is amount to pay

P is payment made

t is  time period

i is interest rate

Substitute the values, we get,

Solving for A, we get,

Thus, the present value is $15,168.06.

Hence, option (a) is correct.

arrange the equations with like terms in columns.

analyze the coefficients of x or y.

add the equations and solve for the remaining variable.

substitute the value into either equation and solve.

check the solution.

step-by-step explanation:

c > -10.55

step-by-step explanation: