man deposits P500 in a credit union at the end of each year for 5 years. The credit union pays 5% interest, compounded semiannually. At the end of 5 years, immediately after the fifth deposit, how much does the man have in his account.

man deposits P500 in a credit union at the end of each year for 5 years. The credit union pays 5% interest, compounded semiannually. At the end of 5 years, immediately after the fifth deposit, how much does the man have in his account.

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter5: The Time Value Of Money

Section: Chapter Questions

Problem 25P

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Question

A man deposits P500 in a credit union at the end of each year for 5 years. The credit
union pays 5% interest, compounded semiannually. At the end of 5 years, immediately
after the fifth deposit, how much does the man have in his account.

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