Amanda makes year-end deposits of P500 the first year, P550 at the second year, P605 at the third year, and so on. increasing the next year's deposit by 10% of the deposit in the preceding year until the end of the tenth year. Arnold makes equal year-end deposits of P700 each year for 10 years. If interest on both funds is 12% compounded annually, how much is the difference between the savings of Amanda and Arnold? 518.54 620.75 536.56 490.79 527.67 441.91
Amanda makes year-end deposits of P500 the first year, P550 at the second year, P605 at the third year, and so on. increasing the next year's deposit by 10% of the deposit in the preceding year until the end of the tenth year. Arnold makes equal year-end deposits of P700 each year for 10 years. If interest on both funds is 12% compounded annually, how much is the difference between the savings of Amanda and Arnold? 518.54 620.75 536.56 490.79 527.67 441.91
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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Amanda makes year-end deposits of P500 the first year, P550 at the second year, P605 at the third year, and so on. increasing the next year's deposit by 10% of the deposit in the preceding year until the end of the tenth year. Arnold makes equal year-end deposits of P700 each year for 10 years. If interest on both funds is 12% compounded annually, how much is the difference between the savings of Amanda and Arnold?
518.54
620.75
536.56
490.79
527.67
441.91
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