A deposit of Php 1, 000/month in a bank giving 6% interest compoundedmon thly for two years. He stopped making deposits and withdrawals for 5years. What is the amount of money in the bank after 7 years?

A deposit of Php 1, 000/month in a bank giving 6% interest compoundedmon thly for two years. He stopped making deposits and withdrawals for 5years. What is the amount of money in the bank after 7 years?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

A deposit of Php 1, 000/month in a bank giving 6% interest compounded
mon thly for two years. He stopped making deposits and withdrawals for 5
years. What is the amount of money in the bank after 7 years?

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