Jamie is the beneficiary of P1,000,000 insurance policy. Instead of taking the money as lump sum, she opted to recelve a monthly stipend over a period of 10 years. If the insurance policy pays an interest of 5% compounded annually, what will be her monthly stipend? a. P10,876.24 b. P15,456.36 c. P11,356.68 d. P10,552.28

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
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Jamie is the beneficiary of P1,000,000 insurance policy. Instead of taking the
money as lump sum, she opted to receive a monthly stipend over a period of 10
years. If the insurance policy pays an interest of 5% compounded annually, what
will be her monthly stipend?
a. P10,876.24
b. P15,456.36
c. P11,356.68
d. P10,552.28
Transcribed Image Text:Jamie is the beneficiary of P1,000,000 insurance policy. Instead of taking the money as lump sum, she opted to receive a monthly stipend over a period of 10 years. If the insurance policy pays an interest of 5% compounded annually, what will be her monthly stipend? a. P10,876.24 b. P15,456.36 c. P11,356.68 d. P10,552.28
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