A man will deposit P1,000.00 with a savings and loan association at the beginning of each 3 months for 9 years. If the association pays interest at the rate of 10% quarterly, find the sum to his credit just after the last deposit. O a. P58,633.95 O b. P58,733.95 O c. P58,373.95 O d. P58,763.95

A man will deposit P1,000.00 with a savings and loan association at the beginning of each 3 months for 9 years. If the association pays interest at the rate of 10% quarterly, find the sum to his credit just after the last deposit. O a. P58,633.95 O b. P58,733.95 O c. P58,373.95 O d. P58,763.95

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter5: The Time Value Of Money

Section: Chapter Questions

Problem 1P

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Question

A man will deposit P1,000.00 with a savings and loan association at the beginning of each 3
months for 9 years. If the association pays interest at the rate of 10% quarterly, find the sum to his
credit just after the last deposit.
a. P58,633.95
O b. P58,733.95
O c. P58,373.95
O d. P58,763.95

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