Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
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Question
A corporation will make the following disbursements:
a. Php 50, 000 on December 31, 1991
b. Php 100,000 on December 31, 1992
c. Php 200,000 one December 31, 1993
To accumulate these sums, a singking fund(annuity ) is established by making equal year-end
deposits starting December 31, 1986 up to the end of 1993. If the fund earns 9% interest
compounded annually, what is the required amount of the annual deposit?
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