You wish to save P2,500,000 for your retirement by saving a certain sum every month for the next 40 years. If you can earn 9% compounded monthly, and you make your deposits at the beginning of each month, how much would you have to deposit each month to achieve your objective? a. P616.59 b. P534.04 c. P565.67 d. P530.06 e. None of the above
You wish to save P2,500,000 for your retirement by saving a certain sum every month for the next 40 years. If you can earn 9% compounded monthly, and you make your deposits at the beginning of each month, how much would you have to deposit each month to achieve your objective? a. P616.59 b. P534.04 c. P565.67 d. P530.06 e. None of the above
Chapter4: Time Value Of Money
Section: Chapter Questions
Problem 11PROB
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You wish to save P2,500,000 for your retirement by saving a certain sum every month for the next 40 years. If you can earn 9% compounded monthly, and you make your deposits at the beginning of each month, how much would you have to deposit each month to achieve your objective?
a. P616.59
b. P534.04
c. P565.67
d. P530.06
e. None of the above
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