Ghj plans to construct an adiitional building at the end of 10 years at an estimated cost of P5,000,000. To accumulate this amount, it will deposit equal year-end amounts in a fund earning 13%. However, at the end of the fifth year, it decided to have a larger building estimated to cost P8,000,000. What is the accumulated amount of the annual deposits for the last five years?
Ghj plans to construct an adiitional building at the end of 10 years at an estimated cost of P5,000,000. To accumulate this amount, it will deposit equal year-end amounts in a fund earning 13%. However, at the end of the fifth year, it decided to have a larger building estimated to cost P8,000,000. What is the accumulated amount of the annual deposits for the last five years?
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Ghj plans to construct an adiitional building at the end of 10 years at an estimated cost of P5,000,000. To accumulate this amount, it will deposit equal year-end amounts in a fund earning 13%. However, at the end of the fifth year, it decided to have a larger building estimated to cost P8,000,000. What is the accumulated amount of the annual deposits for the last five years?
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