2. A scholarship endowment fund is to be set up today so that a monthly stipend of P15,000 can be given to poor but intellectually capacitated students in 5 years. If WMSU- PICE Student Chapter is to take on a fund-raising project for this purpose, what is the target amount it should raise for this purpose? Assume monthly bank interest rate of 0.5% per month compounded monthly.

2. A scholarship endowment fund is to be set up today so that a monthly stipend of P15,000 can be given to poor but intellectually capacitated students in 5 years. If WMSU- PICE Student Chapter is to take on a fund-raising project for this purpose, what is the target amount it should raise for this purpose? Assume monthly bank interest rate of 0.5% per month compounded monthly.

Financial Accounting Intro Concepts Meth/Uses

14th Edition

ISBN:9781285595047

Author:Weil

Publisher:Weil

ChapterA: Appendix - Time Value Of Cash Flows: Compound Interest Concepts And Applications

Section: Chapter Questions

Problem 22E

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