I am setting up a fund for my son to go to college. I figure that he will need Php50,000 by the time he is old enough to go to college. I found an account that pays 5.75% compounded monthly. How much will my monthly payment be to get my son set up for college in 17 years? How much interest will the account accrue?
I am setting up a fund for my son to go to college. I figure that he will need Php50,000 by the time he is old enough to go to college. I found an account that pays 5.75% compounded monthly. How much will my monthly payment be to get my son set up for college in 17 years? How much interest will the account accrue?
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:I am setting up a fund for my son to go to college. I figure that he will
need Php50,000 by the time he is old enough to go to college. I found an
account that pays 5.75% compounded monthly. How much will my
monthly payment be to get my son set up for college in 17 years? How
much interest will the account accrue?
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