Question 17In order to fund the renovation of her condounit, Stella estimates that Php350,000 will beneeded in 4.5 years. She decides to deposit a sumevery 3 months with interest earned at 8%converted quarterly. Consider the sinking fundschedule below. What is the amount at the end ofthe second deposit?Period theAmount at41 02356789101112131415161718beginningPhp32,691.48Php326.91Php16,345.74Php33,018.39Interest PeriodicEarned Deposit0Amountat theend17

Firstly, We have to calculate the required contribution to be made by Stella each quarter to acquire…

Answered: In order to fund the renovation of her…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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In order to fund the renovation of her condo unit, Stella estimates that Php350,000 will be needed in 4.5 years. She decides to deposit a sum every 3 months with interest earned at 8% converted quarterly. Consider the sinking fund schedule below. What is the amount at the end of the second deposit?