What amount must be deposited by a 15-year old student in a bank that pays 1% compounded annually so that after 10 years he will have PhP20,000?

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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Question 2
What amount must be deposited by a 15-year old
student in a bank that pays 1% compounded
annually so that after 10 years he will have
PhP20,000?
Note: Input the amount only, with comma and
rounded to two decimals. Do not input the peso sign.
(Example: 16,435.50)
Add your answer
Transcribed Image Text:Question 2 What amount must be deposited by a 15-year old student in a bank that pays 1% compounded annually so that after 10 years he will have PhP20,000? Note: Input the amount only, with comma and rounded to two decimals. Do not input the peso sign. (Example: 16,435.50) Add your answer
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