A rural bank pays interest at the rate of 2% compounded quarterly. If Neil deposits P3,000 every month, how much money will he have in the bank at the end of 5 years? a. P198,674.80 b. P189,126.38 c. P199,587.60 d. P187,326.48

A rural bank pays interest at the rate of 2% compounded quarterly. If Neil deposits P3,000 every month, how much money will he have in the bank at the end of 5 years? a. P198,674.80 b. P189,126.38 c. P199,587.60 d. P187,326.48

EBK CFIN

6th Edition

ISBN:9781337671743

Author:BESLEY

Publisher:BESLEY

Chapter4: Time Value Of Money

Section: Chapter Questions

Problem 19PROB

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Question

A rural bank pays interest at the rate of 2% compounded quarterly. If Neil deposits
P3,000 every month, how much money will he have in the bank at the end of 5
years?
a. P198,674.80
b. P189,126.38
c. P199,587.60
|d. P187,326.48

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