An item will need replacing in 6 years from now at a cost of P128,000.00. How much should the owner save at the beginning of each 3 months in order to replace the old item, if his savings earn interest at 10% compounded quarterly? OA. $3,956.84 B. $6,982.28 C. $7,156.84 D. $3,860.33

College Algebra
1st Edition
ISBN:9781938168383
Author:Jay Abramson
Publisher:Jay Abramson
Chapter6: Exponential And Logarithmic Functions
Section: Chapter Questions
Problem 5RE: A retirement account is opened with an initialdeposit of 8,500 and earns 8.12 interest compounded...
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An item will need replacing in 6 years from now at a cost of P128,000.00. How
much should the owner save at the beginning of each 3 months in order to
replace the old item, if his savings earn interest at 10% compounded quarterly?
A. #3,956.84
B. #6,982.28
C. #7,156.84
D. #3,860.33
Transcribed Image Text:An item will need replacing in 6 years from now at a cost of P128,000.00. How much should the owner save at the beginning of each 3 months in order to replace the old item, if his savings earn interest at 10% compounded quarterly? A. #3,956.84 B. #6,982.28 C. #7,156.84 D. #3,860.33
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