We can use the concept of present value to find the equivalent single cash payment made now.
Given:
- Payment amount (PMT) = $4800
- Number of years (n) = 11
- Interest rate (r) = 4.4% = 0.044
- Compounded quarterly, so quarterly interest rate (i) = 0.044/4 = 0.011
We need to find the equivalent single cash payment now, which is the present value (PV) of the series of payments.
The formula for present value of an ordinary annuity is:
PV = PMT \times \dfrac{1 - (1 + i)^{-n}}{i}
Plugging in the values:
PV = 4800 \times \dfrac{1 - (1 + 0.011)^{-22}}{0.011}
PV=4800\times19.446
PV\approx\$93340.72
Therefore, the single cash payment made now that is equivalent to 11 years of payments of \ \$93340.72 .
\boxed{PV\approx\$93340.72}