A grandmother left a will to her grandson an amount of P25,000 and was deposited in a bank with a time deposit rate of 8% compounded quarterly. The grandson will receive that money when it reaches P45,000. When will he receive that money?

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
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- A grandmother left a will to her grandson an amount of P25,000 and was deposited in a bank with a time deposit rate of 8% compounded quarterly. The grandson will receive that money when it reaches P45,000. When will he receive that money?

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