Alvin plans to buy a car, payable in 8 years. He made a monthly deposit of P5,000 in Banco Filipinas at 9% compounded monthly. Find the amount of deposit at the end of 8 years.
Alvin plans to buy a car, payable in 8 years. He made a monthly deposit of P5,000 in Banco Filipinas at 9% compounded monthly. Find the amount of deposit at the end of 8 years.
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
Problem 1PS
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Transcribed Image Text:6. Alvin plans to buy a car, payable in 8
years. He made a monthly deposit of
P5,000 in
ET
compounded monthly. Find the amount
of deposit at the end of 8 years.
Banco Filipinas at 9%
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