Amanda makes year-end deposits of P500 the first year, P550 at the second year, P605 at the third year, and so on. increasing the next year's deposit by 10% of the deposit in the preceding year until the end of the tenth year. Arnold makes equal year-end deposits of P700 each year for 10 years. If interest on both funds is 12% compounded annually, how much is the difference between the savings of Amanda and Arnold? 518.54 620.75 536.56 490.79 527.67 441.91
Amanda makes year-end deposits of P500 the first year, P550 at the second year, P605 at the third year, and so on. increasing the next year's deposit by 10% of the deposit in the preceding year until the end of the tenth year. Arnold makes equal year-end deposits of P700 each year for 10 years. If interest on both funds is 12% compounded annually, how much is the difference between the savings of Amanda and Arnold? 518.54 620.75 536.56 490.79 527.67 441.91
Financial Accounting: The Impact on Decision Makers
10th Edition
ISBN:9781305654174
Author:Gary A. Porter, Curtis L. Norton
Publisher:Gary A. Porter, Curtis L. Norton
Chapter9: Current Liabilities, Contingencies, And The Time Value Of Money
Section: Chapter Questions
Problem 9.17E
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Amanda makes year-end deposits of P500 the first year, P550 at the second year, P605 at the third year, and so on. increasing the next year's deposit by 10% of the deposit in the preceding year until the end of the tenth year. Arnold makes equal year-end deposits of P700 each year for 10 years. If interest on both funds is 12% compounded annually, how much is the difference between the savings of Amanda and Arnold?
518.54
620.75
536.56
490.79
527.67
441.91
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