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4. Ten thousand pesos (Php 10,000) is placed in a time deposit at the end of each year for 9 years. Cost of money is 14%. a). How much money was accumulated after the last deposit was made? b). How much money was accumulated eight years after the last deposit was made? c). How much money can a person get annually from the bank every year for 8 years starting 1 year after the last deposit was made?

4. Ten thousand pesos (Php 10,000) is placed in a time deposit at the end of each year for 9 years. Cost of money is 14%. a). How much money was accumulated after the last deposit was made? b). How much money was accumulated eight years after the last deposit was made? c). How much money can a person get annually from the bank every year for 8 years starting 1 year after the last deposit was made?

EBK CFIN
EBK CFIN
6th Edition
ISBN:9781337671743
Author:BESLEY
Publisher:BESLEY
Chapter4: Time Value Of Money
Section: Chapter Questions
Problem 16PROB
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4. Ten thousand pesos (Php 10,000) is placed in a time deposit at the end of each year for 9
years. Cost of money is 14%.
a). How much money was accumulated after the last deposit was made?
b). How much money was accumulated eight years after the last deposit was made?
c). How much money can a person get annually from the bank every year for 8 years
starting 1 year after the last deposit was made?                show your COMPLETE SOLUTION

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