2) An engineering student wishes to have P3, 000, 000 for a special trip abroad five years from now. In order to fulfil this, he opens an account on a bank that earns 12% compounded monthly and deposited now an amount of P100, 000. Amount of his next target deposits will decrease by 5% every month thereof for a period of four years. a) Would his money on the account be enough as he wish once his trip happens? b) Find the sum of all of his deposits.

2) An engineering student wishes to have P3, 000, 000 for a special trip abroad five years from now. In order to fulfil this, he opens an account on a bank that earns 12% compounded monthly and deposited now an amount of P100, 000. Amount of his next target deposits will decrease by 5% every month thereof for a period of four years. a) Would his money on the account be enough as he wish once his trip happens? b) Find the sum of all of his deposits.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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