Answered: Q2. Deposits are to be made to an…

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter5: The Time Value Of Money

Section: Chapter Questions

Problem 7P

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I need your help tutor!

This is how you answer the problem

(a) Identify the Given and the Unknown or what is being asked in the problem

(b)Provide the formula to be used

(c)Plug in the given in the formula if there is a derivation of the formula please show it

(d)Box the final answer. however, the final answer is already included in the problem, what you need to do is to match your answer and the answer in the book. Because in the book they only provide the answer but not the solution.

Ps:Do not give me an answer which is made in ms excel.I need the manual solution, I am not an accountant to understand ms excel solutions.Pls rely as well on the given answers.

Problem:

Q2. Deposits are to be made to an account as indicated in the table below which bears interest at the
rate of 10% compounded annually. How much will there be in the account at the end of the sixth year?
END OF YEAR
DEPOSIT
2
500
3
1000
4
1500
2000
Answer: F6 = 6,078.05Php

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