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An investment of P50,000 is made at the beginning of each month for 5 years. How much will the investment be at the end of the term, if interest is 6% compounded monthly? O A. P3,600,526.35 B. P3,505,944.00 O C. P3,649.020.00 O D. P3,552.839.24

An investment of P50,000 is made at the beginning of each month for 5 years. How much will the investment be at the end of the term, if interest is 6% compounded monthly? O A. P3,600,526.35 B. P3,505,944.00 O C. P3,649.020.00 O D. P3,552.839.24

College Algebra
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 P50,000 is made at the beginning of each month for 5 years. How much will the investment be at the end of the term, if interest is 6% compounded monthly? O A. P3,600,526.35 B. P3,505,944.00 O C. P3,649.020.00 O D. P3,552.839.24
Transcribed Image Text:An investment of P50,000 is made at the beginning of each month for 5 years. How much will the investment be at the end of the term, if interest is 6% compounded monthly? O A. P3,600,526.35 B. P3,505,944.00 O C. P3,649.020.00 O D. P3,552.839.24
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