00 at the end of 2001 P1,200,000 at the end of 2002 P1,500,000 at the end of 2003 To accumulate the required funds, it has established a sinking fund constituting of 15 uniform annual deposits, the first deposit has been made at the end of 1992. The interest rate of the fund is 2% per annum. Calculate the following: A. Annual deposit B. The Balance in the fund on January 1, 20
00 at the end of 2001 P1,200,000 at the end of 2002 P1,500,000 at the end of 2003 To accumulate the required funds, it has established a sinking fund constituting of 15 uniform annual deposits, the first deposit has been made at the end of 1992. The interest rate of the fund is 2% per annum. Calculate the following: A. Annual deposit B. The Balance in the fund on January 1, 20
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
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Excel Institute Inc. is expanding its school facilities starting 2001. The program requires the following estimated expenditures:
P1,000,000 at the end of 2001
P1,200,000 at the end of 2002
P1,500,000 at the end of 2003
To accumulate the required funds, it has established a sinking fund constituting of 15 uniform annual deposits, the first deposit has been made at the end of 1992. The interest rate of the fund is 2% per annum. Calculate the following:
A. Annual deposit
B. The Balance in the fund on January 1, 2002
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