3. A monthly deposit of P2,000.00 was made at 12% compounded semi annually. How many years will the investment worth P2,000,000.00?

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...
icon
Related questions
icon
Concept explainers
Topic Video
Question
3. A monthly deposit of P2,000.00 was made at 12% compounded semi-
annually. How many years will the investment worth P2,000,000.00?
4. An annual payment of P153,481.229 was agreed to pay for a loan of
PR00,000.00. If the first annual payment would start 5 years from now, how
many annual payments was made. Interest rate is 6%.
Transcribed Image Text:3. A monthly deposit of P2,000.00 was made at 12% compounded semi- annually. How many years will the investment worth P2,000,000.00? 4. An annual payment of P153,481.229 was agreed to pay for a loan of PR00,000.00. If the first annual payment would start 5 years from now, how many annual payments was made. Interest rate is 6%.
Expert Solution
steps

Step by step

Solved in 3 steps

Blurred answer
Knowledge Booster
Application of Algebra
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, advanced-math and related others by exploring similar questions and additional content below.
Recommended textbooks for you
College Algebra
College Algebra
Algebra
ISBN:
9781938168383
Author:
Jay Abramson
Publisher:
OpenStax
Functions and Change: A Modeling Approach to Coll…
Functions and Change: A Modeling Approach to Coll…
Algebra
ISBN:
9781337111348
Author:
Bruce Crauder, Benny Evans, Alan Noell
Publisher:
Cengage Learning