Your company implemented a forced savings plan, each employee is required to deposit P1,000 at the beginning of each month for five years. If the management guarantees the savings plan to grow at 6% compounded monthly, how much will each employee expect to receive after five years?

Your company implemented a forced savings plan, each employee is required to deposit P1,000 at the beginning of each month for five years. If the management guarantees the savings plan to grow at 6% compounded monthly, how much will each employee expect to receive after five years?

Economics Today and Tomorrow, Student Edition

1st Edition

ISBN:9780078747663

Author:McGraw-Hill

Publisher:McGraw-Hill

Chapter6: Saving And Investing

Section6.1: Why Save?

Problem 6R

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Question

Your company implemented a forced savings plan, each employeel is required
to deposit P1,000 at the beginning of each month for five years. If the
management guarantees the savings plan to grow at 6% compounded
monthly, how much will each employee expect to receive after five years?

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