Mr. Jones will invests P 5,000 in a fund at the end of each 6 months to accumulate P 100,000 to buy a machine.  if the fund is invested at 2.45% compounded semi - annually, how many years will the fund contain at least P 100,000?

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 10E
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Mr. Jones will invests P 5,000 in a fund at the end of each 6 months to accumulate P 100,000 to buy a machine.  if the fund is invested at 2.45% compounded semi - annually, how many years will the fund contain at least P 100,000?

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