A group of employees decided to invest a portion of their 13th-month pay. After 3 months from today, they want to withdraw from this fund ₱5,000.00 monthly for 12 months to fund their travel tour that they decide to do every month. How much is the total deposit now if the interest rate is 5% converted monthly?
A group of employees decided to invest a portion of their 13th-month pay. After 3 months from today, they want to withdraw from this fund ₱5,000.00 monthly for 12 months to fund their travel tour that they decide to do every month. How much is the total deposit now if the interest rate is 5% converted monthly?
Financial Accounting Intro Concepts Meth/Uses
14th Edition
ISBN:9781285595047
Author:Weil
Publisher:Weil
ChapterA: Appendix - Time Value Of Cash Flows: Compound Interest Concepts And Applications
Section: Chapter Questions
Problem 12E
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A group of employees decided to invest a portion of their 13th-month pay. After 3 months
from today, they want to withdraw from this fund ₱5,000.00 monthly for 12 months to
fund their travel tour that they decide to do every month. How much is the total deposit
now if the interest rate is 5% converted monthly?
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