Vince loaned P30,000.00 from a cooperative and promised to pay it back with x times his original loaned amount. They agreed a nominal interest rate of 7 % compounded every 2 months every year for 4 years. What is the value of x he must pay payback to the cooperative? Answer rounded off with two 2 decimal places.

Vince loaned P30,000.00 from a cooperative and promised to pay it back with x times his original loaned amount. They agreed a nominal interest rate of 7 % compounded every 2 months every year for 4 years. What is the value of x he must pay payback to the cooperative? Answer rounded off with two 2 decimal places.

EBK CFIN

6th Edition

ISBN:9781337671743

Author:BESLEY

Publisher:BESLEY

Chapter4: Time Value Of Money

Section: Chapter Questions

Problem 25PROB

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