Homework Help is Here – Start Your Trial Now!
Business
Economics
You are to pay a bill in Meralco every month for 5 years. The accumula amount of the payment you paid is 60k pesos at a rate of 6% per year. first payment is done after 4 years. How much are you paying every

You are to pay a bill in Meralco every month for 5 years. The accumula amount of the payment you paid is 60k pesos at a rate of 6% per year. first payment is done after 4 years. How much are you paying every

Economics Today and Tomorrow, Student Edition
Economics Today and Tomorrow, Student Edition
1st Edition
ISBN:9780078747663
Author:McGraw-Hill
Publisher:McGraw-Hill
Chapter6: Saving And Investing
Section6.1: Why Save?
Problem 6R
See similar textbooks
Question
Please use this formula and show the complete solution
FORMULAS F=A(- P=A(- (1+i)-1 i 1- (¹+i)-yn -)(1+i)ym -) (1+i)-ym F-Future Worth P-Present Worth A - Annuity y-yrs n-method of compounding i-interest rate m-delayed years
Transcribed Image Text:FORMULAS F=A(- P=A(- (1+i)-1 i 1- (¹+i)-yn -)(1+i)ym -) (1+i)-ym F-Future Worth P-Present Worth A - Annuity y-yrs n-method of compounding i-interest rate m-delayed years
2.) You are to pay a bill in Meralco every month for 5 years. The accumulated amount of the payment you paid is 60k pesos at a rate of 6% per year. The first payment is done after 4 years. How much are you paying every payment? ANSWER: A = P122.5433
Transcribed Image Text:2.) You are to pay a bill in Meralco every month for 5 years. The accumulated amount of the payment you paid is 60k pesos at a rate of 6% per year. The first payment is done after 4 years. How much are you paying every payment? ANSWER: A = P122.5433
Expert Solution
steps

Step by step

Solved in 2 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Cash Flow
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.
Recommended textbooks for you
Economics Today and Tomorrow, Student Edition
Economics Today and Tomorrow, Student Edition
Economics
ISBN:
9780078747663
Author:
McGraw-Hill
Publisher:
Glencoe/McGraw-Hill School Pub Co
Essentials of Economics (MindTap Course List)
Essentials of Economics (MindTap Course List)
Economics
ISBN:
9781337091992
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning
Brief Principles of Macroeconomics (MindTap Cours…
Brief Principles of Macroeconomics (MindTap Cours…
Economics
ISBN:
9781337091985
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning
Microeconomic Theory
Microeconomic Theory
Economics
ISBN:
9781337517942
Author:
NICHOLSON
Publisher:
Cengage
Microeconomics A Contemporary Intro
Microeconomics A Contemporary Intro
Economics
ISBN:
9781285635101
Author:
MCEACHERN
Publisher:
Cengage
Managerial Economics: Applications, Strategies an…
Managerial Economics: Applications, Strategies an…
Economics
ISBN:
9781305506381
Author:
James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris
Publisher:
Cengage Learning
SEE MORE TEXTBOOKS