An investment of P2,850 is made at the beginning of each month for 6 years and 7 months. How much will the investment be at the end of the term, if interest is 8% compounded monthly? P284,178.05 P254,098.56 P279,084.22 P123,905.31

College Algebra
1st Edition
ISBN:9781938168383
Author:Jay Abramson
Publisher:Jay Abramson
Chapter9: Sequences, Probability And Counting Theory
Section9.4: Series And Their Notations
Problem 56SE: To get the best loan rates available, the Riches want to save enough money to place 20% down on a...
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An investment of P2,850 is made at the beginning of each month for 6 years and 7 months. How much will the investment be at the
end of the term, if interest is 8% compounded monthly?
A P284,178.05
B P254,098.56
P279,084.22
D P123,905.31
Transcribed Image Text:An investment of P2,850 is made at the beginning of each month for 6 years and 7 months. How much will the investment be at the end of the term, if interest is 8% compounded monthly? A P284,178.05 B P254,098.56 P279,084.22 D P123,905.31
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