Sixty monthly deposits are made into an account paying 8% nominal interest compounded monthly. If the subject of these is deposits is to accumulate P350,000 by the end of the fifth year, what is the amount of each deposits?

Sixty monthly deposits are made into an account paying 8% nominal interest compounded monthly. If the subject of these is deposits is to accumulate P350,000 by the end of the fifth year, what is the amount of each deposits?

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter5: The Time Value Of Money

Section: Chapter Questions

Problem 24P

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