Determine the present value of the annuity:

$1500 at the end of each 3-month period, for 5 years, at 4.5% p/a, compounded quarterly

Use the standard formula:

P=R(1-(1+i)^(-n))/i
where
P=present value
R=payment per period ($1500/three months)
i=interest per period = 0.045/4=0.01125
n=number of periods = 4*5=20

$26,730

To determine the present value of the annuity, we need to use the formula for the present value of an ordinary annuity:

PV = PMT * ((1 - (1 + r)^(-n)) / r)

Where:
PV = Present Value
PMT = Payment amount per period
r = Interest rate per period
n = Number of periods

In this case, the payment amount per period is $1500, the interest rate is 4.5% per year (or 1.125% per quarter), and there are 5 years, which is 20 quarters.

Substituting these values into the formula, we get:

PV = $1500 * ((1 - (1 + 0.01125)^(-20)) / 0.01125)

Now, let's calculate it step by step:

1. Calculate (1 + r)^(-n):
(1 + 0.01125)^(-20) = 0.830257749

2. Calculate (1 - (1 + r)^(-n)):
1 - 0.830257749 = 0.169742251

3. Calculate (1 - (1 + r)^(-n)) / r:
0.169742251 / 0.01125 = 15.0635596

4. Multiply by the payment amount per period:
$1500 * 15.0635596 ≈ $22,595.34

Therefore, the present value of the annuity is approximately $22,595.34.