Mr. Samal deposits 5,000 php at the end of each month at a product with an interest rate of 8% compounded monthly. How much is the present value of his savings at the end of the 8th month?
Mr. Samal deposits 5,000 php at the end of each month at a product with an interest rate of 8% compounded monthly. How much is the present value of his savings at the end of the 8th month?
Chapter12: Sequences, Series And Binomial Theorem
Section12.3: Geometric Sequences And Series
Problem 12.59TI: New grandparents decide to invest 3200 per month in an annuity for their grandson, The account will...
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Question
Mr. Samal deposits 5,000 php at the end of each month at a product with an interest rate of 8% compounded monthly. How much is the present value of his savings at the end of the 8th month?
A. 28,773.19 php
B. 38,826.19 php
C. 40,000 php
D. 33,314.92 php
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