Jason makes 20 semi-annual deposits of P15,000 each in a savings account paying 6% compounded semi-annually, starting from his 25th birthday. If the accumulated account balance is to be withdrawn on his 50th birthday, how much money will he have by that time?

Jason makes 20 semi-annual deposits of P15,000 each in a savings account paying 6% compounded semi-annually, starting from his 25th birthday. If the accumulated account balance is to be withdrawn on his 50th birthday, how much money will he have by that time?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

Jason makes 20 semi-annual deposits of P15,000 each in a savings account
paying 6% compounded semi-annually, starting from his 25th birthday. If the accumulated account balance is to be withdrawn on his 50th birthday, how much money will he have by that time?

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