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Independent Practice 11. Explore2.plan3.solve4.checkHow much must Michelle set aside and invest in a fund earning 2.1%compounded quarterly if she wants to accumulate P 50,000.00 in 5 years? |
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Answer» Given : a FUND earning 2.1% compounded QUARTERLY accumulate P 50,000.00 in 5 years To Find : How much must Michelle set aside and invest Solution: t Michelle set aside and invest = P R = 2.1 % per annum = 2.1/4 = 0.525 % Quarterly T = 5 years = 20 Quarters A = 50,000 A = P( 1 + R/100)ⁿ => 50,000 = P ( 1 + 0.525/100)²⁰ => P = 45,028.59 Michelle set aside and invest = 45,028.59 Learn More: an overdraft of rupees 50,000 has to be paid back in annual equal ... A man BORROWED RM 5000 from a BANK on 1st January, 2006. On the ... |
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