At the beginning of each month, P 200 is deposited into a retirement fund. The fund earns 6% compounded monthly, and paid into the account at the end of the month. How much is in the account if deposits are made for 20 years? P 42,940 P 82,870 O P 92,870 P 32,940

At the beginning of each month, P 200 is deposited into a retirement fund. The fund earns 6% compounded monthly, and paid into the account at the end of the month. How much is in the account if deposits are made for 20 years? P 42,940 P 82,870 O P 92,870 P 32,940

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter5: The Time Value Of Money

Section: Chapter Questions

Problem 25P

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Question

At the beginning of each month, P 200 is deposited into a retirement fund. The
fund earns 6% compounded monthly, and paid into the account at the end of the
month. How much is in the account if deposits are made for 20 years?
P 42,940
P 82,870
P 92,870
P 32,940

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