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1. Mr. Moreno started to deposit Php. 5,500 quarterly in a fund that pays 2.5% compounded monthly. How much will be in the fund after 6 years?

1. Mr. Moreno started to deposit Php. 5,500 quarterly in a fund that pays 2.5% compounded monthly. How much will be in the fund after 6 years?

College Algebra
College Algebra
1st Edition
ISBN:9781938168383
Author:Jay Abramson
Publisher:Jay Abramson
Chapter6: Exponential And Logarithmic Functions
Section: Chapter Questions
Problem 5RE: A retirement account is opened with an initialdeposit of 8,500 and earns 8.12 interest compounded...
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Answer No.2 and No.1 please

1. Mr. Moreno started to deposit Php. 5,500 quarterly in a fund that pays 2.5% compounded monthly. How much will be in the fund after 6 years? 2. The buyer of a lot pays Php. 50,000 cash and Php. 14,500 every month for 10 years. If money is 8% compounded annually, how much is the cash value of the lot? 3. How much should be invested in a fund each year paying 3% compounded semi-annually to accumulate Php. 150,000 in 6 years? 4. A high school student would like to save Php. 60,000 for his graduation. How much should he deposit in a savings account every 3 months for 6 years if interest rate is a 0.25% compounded monthly? 5. A television (TV) set is for sale at Php. 13,499 in cash or on installment terms, Php. 2,599 each month for the next 6 months at 8.9% compounded quarterly. If you were the buyer, what would you prefer, cash or installment?
Transcribed Image Text:1. Mr. Moreno started to deposit Php. 5,500 quarterly in a fund that pays 2.5% compounded monthly. How much will be in the fund after 6 years? 2. The buyer of a lot pays Php. 50,000 cash and Php. 14,500 every month for 10 years. If money is 8% compounded annually, how much is the cash value of the lot? 3. How much should be invested in a fund each year paying 3% compounded semi-annually to accumulate Php. 150,000 in 6 years? 4. A high school student would like to save Php. 60,000 for his graduation. How much should he deposit in a savings account every 3 months for 6 years if interest rate is a 0.25% compounded monthly? 5. A television (TV) set is for sale at Php. 13,499 in cash or on installment terms, Php. 2,599 each month for the next 6 months at 8.9% compounded quarterly. If you were the buyer, what would you prefer, cash or installment?
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