A father wishes to provide P5,000.00 for his son on his 21st birthday. How much should be deposited every 6 months in a savings bank which pays 5% compounded semi-annually, if the first deposit is made when the son is 4 years old? O a. P31.74 O b. P61.74 O c. P51.74 O d. P41.74

A father wishes to provide P5,000.00 for his son on his 21st birthday. How much should be deposited every 6 months in a savings bank which pays 5% compounded semi-annually, if the first deposit is made when the son is 4 years old? O a. P31.74 O b. P61.74 O c. P51.74 O d. P41.74

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

A father wishes to provide P5,000.00 for his son on his 21st birthday. How much should be deposited every
6 months in a savings bank which pays 5% compounded semi-annually, if the first deposit is made when
the son is 4 years old?
O a. P31.74
O b. P61.74
O C.
P51.74
O d. P41.74

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