Ronald makes year-end deposit of P15000, the first year increasing the year's deposits by 10% until the end of the 10th year. Ellen makes equal start-of-year deposits of P14000 each year for 10 years. If interest on both funds is 8% compounded annually, how much is difference of savings at the end of ten years?

Ronald makes year-end deposit of P15000, the first year increasing the year's deposits by 10% until the end of the 10th year. Ellen makes equal start-of-year deposits of P14000 each year for 10 years. If interest on both funds is 8% compounded annually, how much is difference of savings at the end of ten years?

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter5: The Time Value Of Money

Section: Chapter Questions

Problem 1P

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