ica deposits her annual business profit into a savings account that pays 7% interest compounded annually. Her yearly profit increases by P30, 000.00 each year, and the initial profit amount is P75, 0000.00. Determine how much will be in the account immediately after the fifth deposit.

ica deposits her annual business profit into a savings account that pays 7% interest compounded annually. Her yearly profit increases by P30, 000.00 each year, and the initial profit amount is P75, 0000.00. Determine how much will be in the account immediately after the fifth deposit.

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter5: The Time Value Of Money

Section: Chapter Questions

Problem 24P

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Question

ica deposits her annual business profit into a savings account that pays 7% interest
compounded annually. Her yearly profit increases by P30, 000.00 each year, and
the initial profit amount is P75, 0000.00. Determine how much will be in the
account immediately after the fifth deposit.

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