Maria wants to have ₱750,000.00 at the end of 4 years for her graduation expenses. She plans to deposit a certain amount at the end of each month to achieve this. Her bank pays 15% compounded monthly. 1.) Which of the following refers to the monthly rate? * a.) 12% b.) 0.0125% c.) 15% d.) 1.25% 2.) Which of the following refers to the total number of deposits? * a.) 12 b.) 60 c.) 5 d.) 48
Maria wants to have ₱750,000.00 at the end of 4 years for her graduation expenses. She plans to deposit a certain amount at the end of each month to achieve this. Her bank pays 15% compounded monthly. 1.) Which of the following refers to the monthly rate? * a.) 12% b.) 0.0125% c.) 15% d.) 1.25% 2.) Which of the following refers to the total number of deposits? * a.) 12 b.) 60 c.) 5 d.) 48
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Maria wants to have ₱750,000.00 at the end of 4 years for her graduation expenses. She plans to deposit a certain amount at the end of each month to achieve this. Her bank pays 15% compounded monthly.
1.) Which of the following refers to the monthly rate? *
a.) 12%
b.) 0.0125%
c.) 15%
d.) 1.25%
2.) Which of the following refers to the total number of deposits? *
a.) 12
b.) 60
c.) 5
d.) 48
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