Carlo and Elise loves to play lottery. They just won Php10,000 in the GongDi WangBu lottery. They decide to spend Php3,000 now and put the remaining Php 7,000 in an investment earning 8 percent compounded annually. If they use the money in that investment for a vacation in five years, approximately how much will they have available to spend on that vacation?

Carlo and Elise loves to play lottery. They just won Php10,000 in the GongDi WangBu lottery. They decide to spend Php3,000 now and put the remaining Php 7,000 in an investment earning 8 percent compounded annually. If they use the money in that investment for a vacation in five years, approximately how much will they have available to spend on that vacation?

EBK CFIN

6th Edition

ISBN:9781337671743

Author:BESLEY

Publisher:BESLEY

Chapter4: Time Value Of Money

Section: Chapter Questions

Problem 20PROB

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