Answer:
The value for n in the following present value ordinary annuity formula is 60.
Step-by-step explanation:
We know that,
[tex]\text{PV}=P\left[\dfrac{1-(1+r)^{-n}}{r}\right][/tex]
Where,
PV = Present value of annuity,
P = Periodic payment,
r = Rate of interest per period,
n = Number of period.
As here the payment is made in each quarter i.e 4 times a year for 15 years.
So number period or n in this case will be,
[tex]=15\times 4=60[/tex]
Therefore, the value for n in the following present value ordinary annuity formula is 60.
