You are contributing money to an investment account so that you can purchase a small piece of agricultural land in 5 years. You plan to contribute 6 payments of P30,000 a year. The first payment will be made today and the final payment will be made 5 years from now. If you earn 11% in your investment account, how much money will you have in the account 5 years from now? O P194,120 P208,560 P216,830 P237,390 P263,500
You are contributing money to an investment account so that you can purchase a small piece of agricultural land in 5 years. You plan to contribute 6 payments of P30,000 a year. The first payment will be made today and the final payment will be made 5 years from now. If you earn 11% in your investment account, how much money will you have in the account 5 years from now? O P194,120 P208,560 P216,830 P237,390 P263,500
Chapter5: The Time Value Of Money
Section: Chapter Questions
Problem 22P
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Question
You are contributing money to an investment account so that you can purchase a small piece of agricultural land in 5 years. You plan to contribute 6 payments of 30,000 a year. The first payment will be made today and the final payment will be made 5 years from now. If you earn 11% in investment account, how much money will you have in the account 5 years from now?
![You are contributing money to an
investment account so that you can
purchase a small piece of agricultural
land in 5 years. You plan to contribute
6 payments of P30,000 a year. The
first payment will be made today and
the final payment will be made 5
years from now. If you earn 11% in
your investment account, how much
money will you have in the account 5
years from now?
P194,120
P208,560
P216,830
P237,390
O P263,500](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F7992d061-b59f-4e69-942a-99cbb11360f0%2F8273fe95-0e7b-4a33-adfe-d68e6a1fe018%2Ffssl0j_processed.jpeg&w=3840&q=75)
Transcribed Image Text:You are contributing money to an
investment account so that you can
purchase a small piece of agricultural
land in 5 years. You plan to contribute
6 payments of P30,000 a year. The
first payment will be made today and
the final payment will be made 5
years from now. If you earn 11% in
your investment account, how much
money will you have in the account 5
years from now?
P194,120
P208,560
P216,830
P237,390
O P263,500
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