3. Ranie makes monthly deposits at Php1,500.00 into his savings account that earns interest at 1.5% compounded monthly. How much will be the value of his savings in 10 years? Assume that the deposits are made at the end of the month.

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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3. Ranie makes monthly deposits at Php1,500.00 into his savings account that earns interest
at 1.5% compounded monthly. How much will be the value of his savings in 10 years?
Assume that the deposits are made at the end of the month.
Transcribed Image Text:3. Ranie makes monthly deposits at Php1,500.00 into his savings account that earns interest at 1.5% compounded monthly. How much will be the value of his savings in 10 years? Assume that the deposits are made at the end of the month.
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