The manager of the Top Star Bakery wishes to give each of 120 employees a holiday bonus. How much is needed to invest monthly for a year at 12% interest rate compounded monthly, so that each employee will received a P1,000.00 bonus? O a P9,461.85 O b. P9,164.85 OC P9,416.85 Od P9,641.85

The manager of the Top Star Bakery wishes to give each of 120 employees a holiday bonus. How much is needed to invest monthly for a year at 12% interest rate compounded monthly, so that each employee will received a P1,000.00 bonus? O a P9,461.85 O b. P9,164.85 OC P9,416.85 Od P9,641.85

EBK CFIN

6th Edition

ISBN:9781337671743

Author:BESLEY

Publisher:BESLEY

Chapter4: Time Value Of Money

Section: Chapter Questions

Problem 19PROB

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Question

The manager of the Top Star Bakery wishes to give each of 120 employees a
holiday bonus. How much is needed to invest monthly for a year at 12% interest
rate compounded monthly, so that each employee will received a P1,000.00
bonus?
O a P9,461.85
O b. P9,164.85
OC P9,416.85
Od P9,641.85

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