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Vilma wants to have P350,000 at the end of 5 years by making a regular deposit at the end of each quarter in an account that pays 9.6% interest, compounded every 3 months. a. Find the amount of quarterly deposit. P b. Find the accumulated amount in the account after the 15th deposit. P

Vilma wants to have P350,000 at the end of 5 years by making a regular deposit at the end of each quarter in an account that pays 9.6% interest, compounded every 3 months. a. Find the amount of quarterly deposit. P b. Find the accumulated amount in the account after the 15th deposit. P

EBK CFIN
EBK CFIN
6th Edition
ISBN:9781337671743
Author:BESLEY
Publisher:BESLEY
Chapter4: Time Value Of Money
Section: Chapter Questions
Problem 10PROB
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Vilma wants to have P350,000 at the end of 5 years by making a regular deposit at the end of each quarter in an account that pays 9.6% interest, compounded every 3 months. a. Find the amount of quarterly deposit. | b. Find the accumulated amount in the account after the 15th deposit. P
Transcribed Image Text:Vilma wants to have P350,000 at the end of 5 years by making a regular deposit at the end of each quarter in an account that pays 9.6% interest, compounded every 3 months. a. Find the amount of quarterly deposit. | b. Find the accumulated amount in the account after the 15th deposit. P
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