Answered: what amount will he have in his…

Pfin (with Mindtap, 1 Term Printed Access Card) (mindtap Course List)

7th Edition

ISBN:9780357033609

Author:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Publisher:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Chapter4: Managing Your Cash And Savings

Section: Chapter Questions

Problem 7FPE: Calculating interest earned and future value of savings account. If you put 6,000 in a savings...

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answer the following the topic is logical operation

1.Clarence has already accumulated 250,000 pesos in his retirement plan. If she
contributes 8,000 pesos at the end of every quarter for the next eight years, and 7,000
pesos per quarter for the next 7 years, what amount will he have in his retirement plan at
the end of 15 years? Assume his plan will earn 6.8% compounded quarterly.
2. Calculate the future value of an ordinary annuity consisting of bimonthly payments of
7,430 pesos for 7 years if the rate of interest was 12.6% compounded bimonthly for the
three years and will be 10.8% compounded bimonthly for the last four years.

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