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State the intended quotation
A nominal annual rate of 6% compounded quarterly implies 1.5% per quarter. The TVM state I/Y = 6, P/Y = 4 and C/Y = 4 represents that quotation. The rate is entered as a percentage number, not the decimal 0.06.
Inspect the altered input
Replacing I/Y = 6 with I/Y = 1.5 while retaining P/Y = C/Y = 4 implies 0.375% per quarter under this matched-frequency model. That is not the intended quarterly factor 1.015.
Calculate the consequence
| TVM state | Quarterly rate | FV magnitude |
|---|---|---|
| I/Y 6; P/Y 4; C/Y 4 | 1.5% | 11,956.181715 |
| I/Y 1.5; P/Y 4; C/Y 4 | 0.375% | 10,459.39825 |
Choose one consistent representation
Use the nominal annual quotation with matching device frequencies, or deliberately build an explicit per-period representation with a corresponding state. Record which representation you chose. Do not divide automatically simply because the question mentions quarters.