On the 7th birthday of Dane's daughter, he deposited an amount in a bank peso fund that pays 1% interest compounded annualy. How much should he deposit if he wants to have 100,000 php on his daughter's 18th birthday? A 89,632.37 php B 89,143.153 php © 99,009.90 php D 83,601.73 php

College Algebra
1st Edition
ISBN:9781938168383
Author:Jay Abramson
Publisher:Jay Abramson
Chapter9: Sequences, Probability And Counting Theory
Section: Chapter Questions
Problem 29RE: Alejandro deposits $80 of his monthly earnings into an annuity that earns 6.25% annual interest,...
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On the 7th birthday of Dane's daughter, he deposited an amount in a bank
peso fund that pays 1% interest compounded annually. How much should
he deposit if he wants to have 100,000 php on his daughter's 18th birthday?
A 89,632.37 php
89,143.153 php
© 99,009.90 php
D 83,601.73 php
Transcribed Image Text:On the 7th birthday of Dane's daughter, he deposited an amount in a bank peso fund that pays 1% interest compounded annually. How much should he deposit if he wants to have 100,000 php on his daughter's 18th birthday? A 89,632.37 php 89,143.153 php © 99,009.90 php D 83,601.73 php
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