ylene is preparing for an income fund for her retirement. She wants to receive 15,000 pesos quarterly for the next 25 years starting 1 month from now. The income fund pays 10.5% compounded monthly. How much Aylene deposit now to pay for the annuity?
Answer the following questions. Show your complete solution.
1. Aylene is preparing for an income fund for her retirement. She wants to receive 15,000 pesos quarterly for the next 25 years starting 1 month from now. The income fund pays 10.5% compounded monthly. How much Aylene deposit now to pay for the
2. Cheska is saving for her dream cellphone. She deposits 2,000 pesos at the end of each month that earns 5% per year compounded semi-annually. Find the amount in the account after 1 1⁄2 years.
3. Janine wants to but a lot which cost 1 million pesos. She plans to give a down payment of 20% of the cost, and the rest will be paid by financing at monthly interest rate of 2% for 10 years in equal monthly installments. What will be the monthly payment?
4. Christopher wants to have 50,000 pesos in 4 years by saving equal regular payments. He can make a deposit at the end of each month in account that earns 8.5% per year compounded quarterly. How much must he deposit to achieve his goal?
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