Final answer:
When calculating the value for n in an ordinary annuity formula with quarterly payments over 15 years, n is found by multiplying the number of years by the number of quarters per year, resulting in 60 as the answer. The correct option is (b).
Step-by-step explanation:
If quarterly payments are made for 15 years, we need to find the value for n in the present value ordinary annuity formula. In this context, n represents the total number of payments. Since there are 4 quarters in a year, and payments are made quarterly over a period of 15 years, we calculate n as:
n = number of years × number of quarters per year
Therefore:
n = 15 years × 4 quarters/year = 60
The correct answer is (b) (60).