Mr. Wise is creating a college investment fund for his daughter. He will put in P850 per year for the next 15 years and expects to earn an 8% annual rate of return. How much money will his daughter have when she starts college? * P12,750 P23,079 P11,250 P24,003 P12,263

EBK CONTEMPORARY FINANCIAL MANAGEMENT
14th Edition
ISBN:9781337514835
Author:MOYER
Publisher:MOYER
Chapter5: The Time Value Of Money
Section: Chapter Questions
Problem 22P
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Mr. Wise is creating a college investment fund for his daughter. He will put in
P850 per year for the next 15 years and expects to earn an 8% annual rate of
return. How much money will his daughter have when she starts college? *
P12,750
P23,079
P11,250
P24,003
P12,263
Transcribed Image Text:Mr. Wise is creating a college investment fund for his daughter. He will put in P850 per year for the next 15 years and expects to earn an 8% annual rate of return. How much money will his daughter have when she starts college? * P12,750 P23,079 P11,250 P24,003 P12,263
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