Erwin is 27 years old and he saw a bank offering a time deposit plan with 6% interest. He does not know how often the bank calculates interest but he is interested. If he plans to take the offer and wants a sum of Php 20,000 in 10 years, how much should he start his deposit? O 11,000 pesos O 10,000 pesos O 12,000 pesos

Erwin is 27 years old and he saw a bank offering a time deposit plan with 6% interest. He does not know how often the bank calculates interest but he is interested. If he plans to take the offer and wants a sum of Php 20,000 in 10 years, how much should he start his deposit? O 11,000 pesos O 10,000 pesos O 12,000 pesos

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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