20. . Kenneth wants to have PHP 5,000,000 in his account when he retires in 25 years. The retirement account earns 5% interest convertible monthly. How much does he need to deposit each month to meet his retirement goal? (Compound interest formula) O PHP 29,229.51 O PHP 29,229.50 O PHP 8,396.17 PHP 8,396.16 *
20. . Kenneth wants to have PHP 5,000,000 in his account when he retires in 25 years. The retirement account earns 5% interest convertible monthly. How much does he need to deposit each month to meet his retirement goal? (Compound interest formula) O PHP 29,229.51 O PHP 29,229.50 O PHP 8,396.17 PHP 8,396.16 *
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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Transcribed Image Text:20. . Kenneth wants to have PHP
5,000,000 in his account when he retires
in 25 years. The retirement account
earns 5% interest convertible monthly.
How much does he need to deposit each
month to meet his retirement goal?
(Compound interest formula)
O PHP 29,229.51
O PHP 29,229.50
O PHP 8,396.17
PHP 8,396.16
*
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