7. To accumulate Php 85 250, Joanna needs to place equal deposits at the end of every 3 months in a fund which earns 18% compounded quarterly. If the first deposit is made on March 28, 2014 and the last is on March 28, 2020, how large should be deposited?
7. To accumulate Php 85 250, Joanna needs to place equal deposits at the end of every 3 months in a fund which earns 18% compounded quarterly. If the first deposit is made on March 28, 2014 and the last is on March 28, 2020, how large should be deposited?
Chapter4: Time Value Of Money
Section: Chapter Questions
Problem 25PROB
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Please answer NO.7 ONLY thank you
Transcribed Image Text:6. Jose was in an auto accident. He sued the person at fault and was awarded a
structured settlement in which an insurance company will pay him Php 10 000 at the end
of each month for the next seven years. How much money should the insurance company
invest now at 6%, compounded monthly to guarantee that all the payments can be made?
7. To accumulate Php 85 250, Joanna needs to place equal deposits at the end of every
3 months in a fund which earns 18% compounded quarterly. If the first deposit is made
on March 28, 2014 and the last is on March 28, 2020, how large should be deposited?
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