To create a fund for the purchase of a brand new car, Frances will make equal...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
To create a fund for the purchase of a brand new car, Frances will make equal monthly deposits to a bank that pays [3%, m = 12] for 5 years. If she intends to buy a car that will cost her Php 800,000, how much should she deposit monthly to the bank. To create a fund for the purchase of a brand new car, Frances will make equal monthly deposits to a bank that pays [3%, m = 12] for 5 years. If she intends to buy a car that will cost her Php 800,000, how much should she deposit monthly to the bank.
Expert Answer:
Answer rating: 100% (QA)
To calculate the monthly deposit that Frances needs to make to the bank we can use ... View the full answer
Related Book For
Government and Not for Profit Accounting Concepts and Practices
ISBN: 978-1118155974
6th edition
Authors: Michael H. Granof, Saleha B. Khumawala
Posted Date:
Students also viewed these finance questions
-
KYC's stock price can go up by 15 percent every year, or down by 10 percent. Both outcomes are equally likely. The risk free rate is 5 percent, and the current stock price of KYC is 100. (a) Price a...
-
For the following problems do not work them out. Identify the type of problem each one is. 1. Starting on their 18th birthday, and continuing on every birthday up to the and including their 65th,...
-
The Crazy Eddie fraud may appear smaller and gentler than the massive billion-dollar frauds exposed in recent times, such as Bernie Madoffs Ponzi scheme, frauds in the subprime mortgage market, the...
-
List four components and four guidelines that the J. Crew mission statement fails to exhibit. Write a new and improved mission for J. Crew.
-
Multnomah Manufacturing estimated that its total payroll for the coming year would be $540,000. The workers compensation insurance premium rate is 0.2%. REQUIRED 1. Calculate the estimated workers...
-
Compound lever shears cut through a piece of wire at A (Figure P5.32). (a) By using the free body diagram of handle CD, determine the magnitude of the force at rivet D. (b) Referring to the magnifi...
-
If a bar under longitudinal vibration is fixed at node 1 , the forward difference formula gives a. \(U_{1}=0\) b. \(U_{1}=U_{2}\) c. \(U_{1}=U_{-1}\)
-
On March 1, 2011, Dora Corporation began operations with a charter from the state that authorized 50,000 shares of $4 par value common stock. Over the next quarter, the firm engaged in the...
-
The accounts of Training Corporation are listed along with their adjusted balances before closing for the year ended June 30, 2023. Prepaid Expenses $ 6,000 Accounts payable $ 59 18,000 Inventory...
-
Skylar and Walter Black have been married for 25 years. They live at 883 Scrub Brush Street, Apt. 52B, Las Vegas, NV 89125. Skylar is a stay-at-home parent and Walt is a high school teacher. Skylars...
-
Let 1 2 -1 0 -1 3 0 1 0 A = -5 6 4 3 -3 8 -8 -6-5 2 3 -4 -3 -3 2 (a) (3 points) Verify that 0-0 and are eigenvectors of A. a (b) (2 points) Find a vector v = C for some a, b, c, d E R such that Avv....
-
Fine Wine Rack is a job shop scheduling problem with necessary predecessor relationships reminiscent of MRP. However, the MRP algorithm is not the key to completing Fine Wine Rack because Fine Wine...
-
Below are the monthly returns for the stocks ABL and HHT as well as the returns on the market. ABL's returns: (7.6%, 3.3%, -3.3%, 8.6 %, 0.5%, 1.3 %, -1.4 %, 1.9 %, 21.3 %, -3.7 % , -1.9%, 2.5%)...
-
Thermopolis Industries acquired common stock of Riverton, Inc. as an investment. Consider the following transactions. 2018: Purchase 4,000 (15%) of the common shares of Riverton, Inc. for $20.40 cash...
-
Four times the past two years' average gross margin: b. The present value of the average of the past three years' cash flows discounted at 8% for the next 10 years. Estimate of cash flow from...
-
On January 1, 20X4, XYZ Equipment Corp. delivered a road grader and an excavator to a client. Pertinent details of the transaction follow: XYZ paid $290,000 for the road grader. It normally sells...
-
Elodie is paid her commissions together with her bi-weekly salary of $1,000.00. During this pay period, her commissions are $4,300.00. Calculate her CPP contribution for this pay period @ 5.75% with...
-
A line l passes through the points with coordinates (0, 5) and (6, 7). a. Find the gradient of the line. b. Find an equation of the line in the form ax + by + c = 0.
-
At what value would a government report bonds payable on its government-wide statements? Why might this value differ from the bonds face value? Why might it differ from their market value?
-
What is the signicance for nancial reporting of a governments power to tax? How does it affect the governments overall scal strength?
-
The town of Blair determines that it requires $22.5 million in property tax revenues to balance its budget. According to the towns property tax assessor, the town contains taxable property that it...
-
The static deflection of the spring in the system if Figure SP2.9 is \(m g / k\). Indicate whether the statement presented is true or false. If true, state why. If false, rewrite the statement to...
-
Gravity cancels with the static spring force, and hence, the potential energy of neither is included in potential energy calculations for the system of Figure SP2.15. Indicate whether the statement...
-
What is the small angle assumption and how is it used?
Study smarter with the SolutionInn App