ica deposits her annual business profit into a savings account that pays 7% interest compounded annually. Her yearly profit increases by P30, 000.00 each year, and the initial profit amount is P75, 0000.00. Determine how much will be in the account immediately after the fifth deposit.
ica deposits her annual business profit into a savings account that pays 7% interest compounded annually. Her yearly profit increases by P30, 000.00 each year, and the initial profit amount is P75, 0000.00. Determine how much will be in the account immediately after the fifth deposit.
Chapter5: The Time Value Of Money
Section: Chapter Questions
Problem 1P
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ica deposits her annual business profit into a savings account that pays 7% interest
compounded annually. Her yearly profit increases by P30, 000.00 each year, and
the initial profit amount is P75, 0000.00. Determine how much will be in the
account immediately after the fifth deposit.
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