In how many years will it take P18,000 accumulate t P20,000 when deposited in a savings account that earn 0.250% compounded monthly? a. 42.15 b. 42.16 c. 506 d. 505

EBK CONTEMPORARY FINANCIAL MANAGEMENT
14th Edition
ISBN:9781337514835
Author:MOYER
Publisher:MOYER
Chapter5: The Time Value Of Money
Section: Chapter Questions
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In how many years will it take P18,000 accumulate to
P20,000 when deposited in a savings account that earns
0.250% compounded monthly?
a. 42.15
b. 42.16
c. 506
d. 505
Transcribed Image Text:In how many years will it take P18,000 accumulate to P20,000 when deposited in a savings account that earns 0.250% compounded monthly? a. 42.15 b. 42.16 c. 506 d. 505
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