Almirah wants to have P50,000 at the end of 4 years for her graduation expenses and blow-out party. She plans to deposit a certain amount, at the end of each month to achieve this goal. If her deposit pays 8% compounded monthly, what should be her monthly deposit?
Almirah wants to have P50,000 at the end of 4 years for her graduation expenses and blow-out party. She plans to deposit a certain amount, at the end of each month to achieve this goal. If her deposit pays 8% compounded monthly, what should be her monthly deposit?
Financial Accounting Intro Concepts Meth/Uses
14th Edition
ISBN:9781285595047
Author:Weil
Publisher:Weil
ChapterA: Appendix - Time Value Of Cash Flows: Compound Interest Concepts And Applications
Section: Chapter Questions
Problem 12E
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Almirah wants to have P50,000 at the end of 4 years for her graduation expenses and blow-out party. She plans to deposit a certain amount, at the end of each month to achieve this goal. If her deposit pays 8% compounded monthly, what should be her monthly deposit?
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