Question: A deposit of 120 000.00 Php is placed into a college fund at the beginning of every month for 10 years. The fund earns

A deposit of 120 000.00 Php is placed into a college fund

A deposit of 120 000.00 Php is placed into a college fund at the beginning of every month for 10 years. The fund earns 9 % annual interest, compounded monthly, and paid at the end of the month. How much is in the account right after the last deposit ?

Step by Step Solution

★★★★★

3.39 Rating (158 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Mathematics Questions!

Annual sinking fund payments made at the beginning of every year for six years, earning 11.5% compounded annually, amount to $25 000 at the end of six years. Construct a sinking fund schedule showing...

If you save $75 at the beginning of every month for 10 years, for how long can you withdraw $260 at the beginning of each month, starting 10 years from now, assuming that interest is 6% compounded...

An annuity pays $6000 at the beginning of every year for 12 years. If the payments are deferred for 7 years and interest is 4.38% compounded monthly, what is the cash value of the property?

For the following exercises, determine the value of the annuity for the indicated monthly deposit amount, the number of deposits, and the interest rate. Rachael deposits $1,500 into a retirement fund...

You deposit $ 870 into your bank and it grows to $ 2,175 in 14 years. Your bank pays interest compounded monthly. What was the annual percentage rate (APR)? What was the effective annual rate (EAR)?...

1. Which is a better investment: 3% compounded annually or 2.92% compounded daily? 2. Ms. Smith deposits $200 at the end of each month into a bond fund yielding 3% interest compounded monthly. How...

Chloe Colburn bought appliances for her new apartment.The store allowed him to defer payments for six months (interest continues to accrue even though the payments were delayed) and then make 36...

If Bob and Judy combine their savings of $1,260 and $975, respectively, and deposit this amount into an account that pays 2% annual interest, compounded monthly, what will the account balance be...

(a) What specific recommendations would you give the Johnsons for selecting checking and savings accounts that will enable them to effectively use the first and second tools of monetary asset...

Travis Wenzel has $2,000 to invest. Usually, he would deposit the money in his savings account, which earns 6% interest compounded monthly. However, he is considering three alternative investment...

Exxon Mobil Corporation reported net income of $20 billion for the year ended December 31, 2023. If the weighted average number of common shares outstanding was 5 billion shares, calculate the...

Maggie just had a car accident. There was no one seriously hurt, but both vehicles may be beyond repair. Maggie is obviously shaken up as she calls you for help. What symptoms might Maggie be...

A guest received a full day package at the Spa from her husband as a gift. She makes an appointment and calls the day prior to re - confirm. When she arrives no reservations are found. The Spa is...

1. Using invented spelling does not slow down or prevent a child from learning conventional spelling. True False 2. What impact has the statistical learning approach had on language learning? In...

Exercise 8-11 Direct materials and direct labor variances LO P2 Hutto Corp. has set the following standard direct materials and direct labor costs per unit for the product it manufactures. Direct...

In Week 1, you were asked to consider if one domainphysical, cognitive, or social-emotionalwas more important than the others. Review your response. Have your views changed or strengthened? Explain...

Please make it fast 4 8 1 .

Listed below are several terms and phrases associated with basic assumptions, broad accounting principles, and constraints. Pair each item from List A (by letter) with the item from List B that is...

The speed at which water travels in a pipe can be measured by directing the flow through an elbow and measuring the height to which it spurts out the top. If the elbow height is 10 cm, the equation...

Suppose that the proportion P of voters who recognize a candidate's name t months after the start of the campaign is given by (a) Find the rate of change of P when t = 6, and explain its meaning. (b)...

Profit Suppose that a manufacturer produces two brands of a product, brand 1 and brand 2. Suppose the demand for brand 1 is x = 70 - p1 thousand units and the demand for brand 2 is y = 80 - p2...

14. How does the minimalist position differ from the abolitionist position?

12. What are two plausible ways for possible altruistic genes to spread in a population?

10. What is the difference between a hyperpolarization and a depolarization?