As an engineer, you plan to put aside 20% of your yearly income. You expect to make Php1 million in the first year, and then you expect your income to increase by 10,000 each year for the next 6 years. At the interest rate 10% per year, what is the accumulated amount after 6 years? A 1,714,683 B) 77,156 807,723 D) 524,456

As an engineer, you plan to put aside 20% of your yearly income. You expect to make Php1 million in the first year, and then you expect your income to increase by 10,000 each year for the next 6 years. At the interest rate 10% per year, what is the accumulated amount after 6 years? A 1,714,683 B) 77,156 807,723 D) 524,456

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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As an engineer, you plan to put aside 20% of your yearly income. You expect to make Php1 million in the first year, and then you expect your income to increase by 10,000 each year for the next 6 years. At the interest rate 10% per year, what is the accumulated amount after 6 years? A) Php 1,714,683 B Php 967,893 (c) Php 524,456 D Php 807,723
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