#### Answer

$440,559

#### Work Step by Step

We are given
$R=9800$
$ i=\frac{0.04}{4}=0.01$
$ n=15\times4=60$
the formula is $P=R[\frac{1-(1+i)^{-n}}{i}]$ so $\rightarrow P=9800[\frac{1-(1+0.01)^{-60}}{0.01}] \approx \$ 440,559$

Published by
Pearson

ISBN 10:
0321749006

ISBN 13:
978-0-32174-900-0

$440,559

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