A father wishes to provide P4,000 for his son on his 21st birthday How much should he deposit every 5 months in a savings bank which pays 3 compounded semi-annually, if the first deposit is made when the son is 3 1/2 years old? Answer: P86.44
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- A father wishes to provide P4,000 for his son on his 21st birthday. How much should he deposit every 6 months in a savings bank which pays 3% compounded annually, if the first deposit is made when the son is 3 years old? (The correct answer should be P84.61)2. A father wishes to provide P4,000 for his son on his 21st birthday. How much should he deposit every 6 months in a savings bank which pays 3% compounded annually, if the first deposit is made when the son is 3 years old?A father wants to set aside money for his 5-year old son's future college education. Money can be deposited in a bank account that pays 8.28 % per year, compounded annually. What equal deposits should be made by the father on his son's 6th through 17th birthday, in order to provide Php 5507 on the son's 18th, 19th, 20th, and 21st birthday? Round off to two decimal places.
- A father wants to set aside money for his 5-year old son's future college education. Money can be deposited in a bank account that pays 8.98% per year, compounded annually. What equal deposits should be made by the father on his son's 6th through 17th birthday, in order to provide Php 5002 on the son's 18th, 19th, 20th, and 21st birthday? Roud off to two decimal places.A father wants to set aside money for his son's future college education. Money can be deposited in a bank account that pays 8.1% per year, compounded annually. What equal deposits should be made by the father, on his son's 5th through 17th birthdays, in order to provide $6900 on the son's 18th, 19th, 20th, and 21st birthdays?Please provide detailed solution Your grandma wishes to provide P40,000.00 to your youngest brother on his 21st birthday. How much should she deposit every six months in a bank which pays 6% per year interest if the first deposit is made when the grandson is 3 ½ years old?
- If Mr. X wants to retire at an age of 56 and he wants to accumulate in his bank account at that time TK 1,00,00,000 at the end of 56th year what amount should be deposited each year on a semiannual basis in the bank account to gain that money if the bank gives a rate of 8% on deposits? He is 25 year old nowA father wants to set up a bank account that will pay his daughter $16,000 at the end of quarter (EOQ) 4 and $30,000 at EOQ 8. He will fund this account by making quarterly payments of $X from EOQ 1 through EOQ 7. If the quarterly percentage rate is 3%, what is the value of $X that must be deposited into the account? O a. 6,789.396 O b. 6,621.507 O c. 6,240.157 O d. 6,082.880 O e. 6,123.852A mother wants to invest $8 comma 000.00 for her son's future education. She invests a portion of the money in a bank certificate of deposit (CD account) which earns 4% and the remainder in a savings bond that earns 7%. If the total interest earned after one year is $ 480.00 comma how much money was invested in the CD account? The total interest earned after one year is $480.00 . How much money was invested in the CD account?
- A mother wants to invests 9,000.00 for her sons future education she invests a portion of the money in the bank certificate of deposit (CD account) which earns 4% and the remainder in a savings bond that earns 7%. If the total interest earned after one year is 540.00 how much money was invested in the CD accWhen your son is born you want to determine what lump amount would you have to be paid into an account bearing interest of 10%/yr to provide withdrawals of $10,000 on each of your son's 18th, 19th, 20th, and 21st birthdayOn the day his son was born, a father deposited to a trust company a sufficient amount of money so that his son could receive money in the future. There was a provision that the son can withdraw an amount of P10,000 each year for 3 years starting on his 18th birthday and P15,000 eight months after the last withdrawal. The interest rate is 5% compounded monthly. 1. What is the effective interest rate? 2. How much did the father deposit? 3. How much money can he receive on his 18th birthday, if he decided to withdraw all the money at once?