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Mr. Bienvenido Bautista needs a fund of Php1,000,000 to renovate his house. To provide for this, he will place Php20,000 at the end of each month in an investment that pays 12% compounded monthly. When will the fund accumulate to Php1,000,000? O 3.40 years O 5.81 years O 2.76 years 1.76 years

Mr. Bienvenido Bautista needs a fund of Php1,000,000 to renovate his house. To provide for this, he will place Php20,000 at the end of each month in an investment that pays 12% compounded monthly. When will the fund accumulate to Php1,000,000? O 3.40 years O 5.81 years O 2.76 years 1.76 years

EBK CFIN
EBK CFIN
6th Edition
ISBN:9781337671743
Author:BESLEY
Publisher:BESLEY
Chapter4: Time Value Of Money
Section: Chapter Questions
Problem 20PROB
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Mr. Bienvenido Bautista needs a fund of Php1,000,000 to renovate his house. To provide for this, he will place Php20,000 at the end of each month in an investment that pays 12% compounded monthly. When will the fund accumulate to Php1,000,000? O 3.40 years O 5.81 years O 2.76 years 1.76 years
Transcribed Image Text:Mr. Bienvenido Bautista needs a fund of Php1,000,000 to renovate his house. To provide for this, he will place Php20,000 at the end of each month in an investment that pays 12% compounded monthly. When will the fund accumulate to Php1,000,000? O 3.40 years O 5.81 years O 2.76 years 1.76 years
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