Isla, Prat, and Noni held a press conference to announce that they plan to buy an egg factory that costs Php 500,000. Having no sufficient funds, they announced that they entered into a new savings plan called NAYTPLAKES paying 3.5% annual effective interest. The savings plan requires three deposits at different times. With this, each of them agreed that they will take turn to deposit:

a. Php 140,000 today.

b. Php 160,000 one year after the first deposit.

c. Php 180,000 one year after the second deposit.

 

How long is the total duration of their savings plan if they will terminate it once they achieve the desired amount to buy an egg factory?

Answer rating: 100% (QA)

Given Information Cost of Egg factory is Php 500000 Amount deposited today ... View the full answer