Problem:
Calculate the equal quarterly series equivalent to the decreasing gradient series given below. Assume the interest rate is 8%. Show your all workings.
A. $10,000 at the end of 1st Quarter
B. $9,500 at the end of 2nd Quarter
C. $9,000 at the end of the 3rd Quarter
D. $8,500 at the end of the 4th Quarter
E. $8,000 at the end of the 5th Quarter
F. $7,500 at the end of the 6th Quarter
G. $7,000 at the end of the 7th Quarter
H. $6,500 at the end of the 8th Quarter
I. $5,000 at the end of the 9th Quarter
J. $4,000 at the end of the 10th Quarter
K. $3,000 at the end of the 11th Quarter
L. $2,000 at the end of the 12th Quarter