The cost of electric bill is expected to increase linearly with a monthly difference of PhP0.05/ kWh/month. If the Torrijos family consumes an average of 500 kWh/month, how much should they deposit to pay the monthly electric bill in the next 20 years? The current electricity price is PhP5.00/kwh and money is worth 12% compounded monthly

Intermediate Algebra
19th Edition
ISBN:9780998625720
Author:Lynn Marecek
Publisher:Lynn Marecek
Chapter12: Sequences, Series And Binomial Theorem
Section12.3: Geometric Sequences And Series
Problem 12.59TI: New grandparents decide to invest 3200 per month in an annuity for their grandson, The account will...
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The cost of electric bill is expected to increase
linearly with a monthly difference of PhP0.05/
kWh/month. If the Torrijos family consumes an
average of 500 kWh/month, how much should
they deposit to pay the monthly electric bill in
the next 20 years?

The current electricity price is PhP5.00/kwh and money is worth 12% compounded monthly.

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