Suppose you decide to save P3,000 per month for the next three years. If you invest all of these savings in an account which will pay you 5% compounded monthly, determine (a) the total amount in the account after 3 years and (b) the amount of interest earned. Note: Include cash flow diagram if possible

Suppose you decide to save P3,000 per month for the next three years. If you invest all of these savings in an account which will pay you 5% compounded monthly, determine (a) the total amount in the account after 3 years and (b) the amount of interest earned. Note: Include cash flow diagram if possible

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter5: The Time Value Of Money

Section: Chapter Questions

Problem 4QTD

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