Jinky has just completed a financial literacy class and sheis following the advice on how to plan future purchasesbased on savings today. Jinky has a stable stream ofincome. She knows that every December, she receivesChristmas bonus of which P20,000 can be set aside. Shedecides to finance her house and lot based on equity(personal money). How much more should she savemonthly for 20 years if her investment earns a minimum of12% per year?

Answered: g the advi savings to Ehe knows s bonus…

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Financial Accounting Intro Concepts Meth/Uses

14th Edition

ISBN:9781285595047

Author:Weil

Publisher:Weil

ChapterA: Appendix - Time Value Of Cash Flows: Compound Interest Concepts And Applications

Section: Chapter Questions

Problem 15E

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Question

Jinky has just completed a financial literacy class and she
is following the advice on how to plan future purchases
based on savings today. Jinky has a stable stream of
income. She knows that every December, she receives
Christmas bonus of which P20,000 can be set aside. She
decides to finance her house and lot based on equity
(personal money). How much more should she save
monthly for 20 years if her investment earns a minimum of
12% per year?

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