In order to fund the renovation of her condo unit, Stella estimates that Php350,000 will be needed in 4.5 years. She decides to deposit a sum every 3 months with interest earned at 8% converted quarterly. Consider the sinking fund schedule below. What is the interest earned after the first deposit? Period Amount at the beginning 1 0 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 Php16,345.74 Php0 Php33,018.39 Php326.91 Interest Earned 0 Periodic Deposit Amount at the end
In order to fund the renovation of her condo unit, Stella estimates that Php350,000 will be needed in 4.5 years. She decides to deposit a sum every 3 months with interest earned at 8% converted quarterly. Consider the sinking fund schedule below. What is the interest earned after the first deposit? Period Amount at the beginning 1 0 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 Php16,345.74 Php0 Php33,018.39 Php326.91 Interest Earned 0 Periodic Deposit Amount at the end
Financial Accounting Intro Concepts Meth/Uses
14th Edition
ISBN:9781285595047
Author:Weil
Publisher:Weil
ChapterA: Appendix - Time Value Of Cash Flows: Compound Interest Concepts And Applications
Section: Chapter Questions
Problem 13E
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