Solution and Explanation:
The period here is a quarter.
As per the given data in the question,
Rate = interest rate per period = 1.01 percent
N per = 4 multiply with 29 = 116
PMT = 1500
FV = future value = 0
the most you are willing to pay today for these payments = - PV (Rate, Nper, PMT, FV) = -PV (1.01%, 116, 1500, 0)
[tex]\mathrm{PV}=\$ 1,500\left[\left(1-1 / 1.0101^{116}\right) / 0.0101\right][/tex]
PV = $102,223.18
