A company wishes to have P 350,000 in 9 years from now for building renovation. The company estimated that during this period, they can only afford to deposit P 30,000 to an account to prepare for this future renovation. At what interest rate compounded continuously should the company deposit to achieve this goal?
A company wishes to have P 350,000 in 9 years from now for building renovation. The company estimated that during this period, they can only afford to deposit P 30,000 to an account to prepare for this future renovation. At what interest rate compounded continuously should the company deposit to achieve this goal?
Chapter19: Lease And Intermediate-term Financing
Section: Chapter Questions
Problem 19P
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12. A company wishes to have P 350,000 in 9 years from now for building renovation. The company estimated that during this period, they can only afford to deposit
P 30,000 to an account to prepare for this future renovation. At what interest rate
compounded continuously should the company deposit to achieve this goal?
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