Suppose that you make 12 equal annual deposits of Php 2,000 each into a bank account paying 8% interest per year. The first deposit will be made one year from today. How much money can be withdrawn from this bank account immediately after the 12a deposit?

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
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Suppose that you make 12 equal annual deposits of Php 2,000 each
into a bank account paying 8 interest per year. The first
deposit will be made one year from today. How much money can be
withdrawn from this bank account immediately after the 12*
deposit?
Transcribed Image Text:Suppose that you make 12 equal annual deposits of Php 2,000 each into a bank account paying 8 interest per year. The first deposit will be made one year from today. How much money can be withdrawn from this bank account immediately after the 12* deposit?
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