Effective rate of interest Engr. Roxas plans to deposit P20,000 in the bank now and P20,000 after 2 months. If he plans to withdraw P40,000 after 6 months from the day of first deposit, what will be the remaining balance in his account after 1 year from his second deposit? Interest rate is 10% compounded semi-annually.
Effective rate of interest Engr. Roxas plans to deposit P20,000 in the bank now and P20,000 after 2 months. If he plans to withdraw P40,000 after 6 months from the day of first deposit, what will be the remaining balance in his account after 1 year from his second deposit? Interest rate is 10% compounded semi-annually.
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
ChapterM: Time Value Of Money Module
Section: Chapter Questions
Problem 4MC: Refer to the present value table information on the previous page. What amount should Brett have in...
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#2Effective rate of interest
Engr. Roxas plans to deposit P20,000 in the bank now and P20,000 after 2 months. If he plans to withdraw P40,000 after 6 months from the day of first deposit, what will be the remaining balance in his account after 1 year from his second deposit? Interest rate is 10% compounded semi-annually.
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