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A man makes a series of ten annual deposits starting at P2,000 at the end of the first year and increasing the amount deposited by (10+N/5)% every year thereafter. Find the total amount at the end of ten years if the rate of interest on all sums on deposit is 8%.

A man makes a series of ten annual deposits starting at P2,000 at the end of the first year and increasing the amount deposited by (10+N/5)% every year thereafter. Find the total amount at the end of ten years if the rate of interest on all sums on deposit is 8%.

Essentials Of Investments
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
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4. A man makes a series of ten annual deposits starting at P2,000 at the end of the first year and increasing the amount deposited by (10+N/5)% every year thereafter. Find the total amount at the end of ten years if the rate of interest on all sums on deposit is 8%.
Transcribed Image Text:4. A man makes a series of ten annual deposits starting at P2,000 at the end of the first year and increasing the amount deposited by (10+N/5)% every year thereafter. Find the total amount at the end of ten years if the rate of interest on all sums on deposit is 8%.
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