ANSWER ASAP THE SUBQUESTIONS (Refer to this word problemSamuel wishes to have P500,000available for his son's college education. The son will enter college in 14 years.What amount should Samuel place in a bank now if the bank pays 4.4% interest,compounded semi-annually? ( Interest rate (express the answer in decimal form: e.g. 0.04) *Your answerThe number of times the interest was compounded in a year (expressthe answer in number form, not in words)Your answerPrincipal amount (express the answer rounded to two decimal places:e.g. Php1,234.56) *Your answer

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(Refer to this word problem Samuel wishes to have P500,000 available for his son's college education. The son will enter college in 14 years. What amount should Samuel place in a bank now if the bank pays 4.4% interest, compounded semi-annually? ("

(Refer to this word problem Samuel wishes to have P500,000 available for his son's college education. The son will enter college in 14 years. What amount should Samuel place in a bank now if the bank pays 4.4% interest, compounded semi-annually? ("

Financial Accounting: The Impact on Decision Makers

10th Edition

ISBN:9781305654174

Author:Gary A. Porter, Curtis L. Norton

Publisher:Gary A. Porter, Curtis L. Norton

Chapter9: Current Liabilities, Contingencies, And The Time Value Of Money

Section: Chapter Questions

Problem 9.18E

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Question

ANSWER ASAP THE SUBQUESTIONS

(Refer to this word problem
Samuel wishes to have P500,000
available for his son's college education. The son will enter college in 14 years.
What amount should Samuel place in a bank now if the bank pays 4.4% interest,
compounded semi-annually? (

Interest rate (express the answer in decimal form: e.g. 0.04) *
Your answer
The number of times the interest was compounded in a year (express
the answer in number form, not in words)
Your answer
Principal amount (express the answer rounded to two decimal places:
e.g. Php1,234.56) *
Your answer

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