Funds are deposited in a savings account at an interest rate of 8% per annum. What is the initial amount that must be deposited to yield a total of P10, 000.00 in 10 years? a.P5, 631.93 b.P4, 631.93 c.P4, 691.93
Funds are deposited in a savings account at an interest rate of 8% per annum. What is the initial amount that must be deposited to yield a total of P10, 000.00 in 10 years? a.P5, 631.93 b.P4, 631.93 c.P4, 691.93
Economics: Private and Public Choice (MindTap Course List)
16th Edition
ISBN:9781305506725
Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Chapter27: Investment, The Capital Market, And The Wealth Of Nations
Section: Chapter Questions
Problem 9CQ
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Funds are deposited in a savings account at an interest rate of 8% per annum. What is the initial amount that must be deposited to yield a total of P10, 000.00 in 10 years?
a.P5, 631.93
b.P4, 631.93
c.P4, 691.93
d.P4, 231.93
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