Under a new company employees savings plan, an employee will pay P 250 at the beginning of each month for 5 years, and the management guarantees accumulation of the savings at 6% compounded annually. How much will be the amount of the savings plan of each employee after 5 years?

Under a new company employees savings plan, an employee will pay P 250 at the beginning of each month for 5 years, and the management guarantees accumulation of the savings at 6% compounded annually. How much will be the amount of the savings plan of each employee after 5 years?

Personal Finance

13th Edition

ISBN:9781337669214

Author:GARMAN

Publisher:GARMAN

Chapter2: Career Planning

Section: Chapter Questions

Problem 3DTM

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Question

Show complete solution, do not use excel.

Under a new company employees savings plan, an employee will pay P
250 at the beginning of each month for 5 years, and the management
guarantees accumulation of the savings at 6% compounded annually.
How much will be the amount of the savings plan of each employee after 5
years?
Select one:
а. Р 64,535
b. Р 68,620
С. Р 66,780
d. P 69,540

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