Marilyn was supposed to pay $1,620 to Bernice on March 18. Some time later Marilyn paid Bernice an equivalent payment of $1.672.63, allowing fora time value of money of 2.4% compounded monthly. When did Marilyn make the payment? (Do not round your Intermedlate calculatdons and round your answer to the nearest month.) Marylin made the payment months later.

Marilyn was supposed to pay $1,620 to Bernice on March 18. Some time later Marilyn paid Bernice an equivalent payment of $1.672.63, allowing fora time value of money of 2.4% compounded monthly. When did Marilyn make the payment? (Do not round your Intermedlate calculatdons and round your answer to the nearest month.) Marylin made the payment months later.

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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Mariano deposited P5,000 today in an account that pays 8% compounded semi-annually. Two years later, he deposited P2,000. Four years after his second deposit, he deposited P4,000. Three years after his last deposit, he withdrew P5,000. How much is left in his account twelve years after his first deposit?
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