Annual deposits were made in a fund earning 10% per annum. The first deposit was Php 20,000 and each deposit thereafter was 2,000 less than the preceding one. Determine the amount in the fund after the sixth deposit.
Annual deposits were made in a fund earning 10% per annum. The first deposit was Php 20,000 and each deposit thereafter was 2,000 less than the preceding one. Determine the amount in the fund after the sixth deposit.
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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![Annual deposits were made in a fund earning 10% per annum. The first
deposit was Php 20,000 and each deposit thereafter was 2,000 less than
the preceding one. Determine the amount in the fund after the sixth
deposit.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fd2013138-1bf4-4977-864e-ce8188ef6480%2F5f2d51fa-fbbc-4ef8-baa4-7bc1dc298381%2Ftjli36_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Annual deposits were made in a fund earning 10% per annum. The first
deposit was Php 20,000 and each deposit thereafter was 2,000 less than
the preceding one. Determine the amount in the fund after the sixth
deposit.
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