Answer
$\$ 69,610.99$
Work Step by Step
An annuity is an account earning compound interest from which periodic withdrawals are made.
Suppose that the account starts with a balance of PV.
If you receive a payment of PMT at the end of each compounding period , and the account is down to $\$ 0$ after t years,
or n=mt periods, then
$ PV=PMT\displaystyle \cdot\frac{1-(1+i)^{-n}}{i},\qquad$where $i=\displaystyle \frac{r}{m}$
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given: $\\$
$t=20$ years,
annual rate: r =$0.06$
m=$4 \ \ \ $compounding periods per year,
$\displaystyle \mathrm{i}=\frac{r}{m}=\frac{0.06}{4}=$0.015 $\ \ $(rate per compounding period$)$
$n=mt=80 \ \ $(total number of periods)
$PV=PMT\displaystyle \cdot\frac{1-(1+i)^{-n}}{i}$
$=1500\displaystyle \cdot\frac{1-(1+0.015)^{-80}}{0.015}$
$\approx$69610.9852412