2. What amount must Felipe invest in a rural bank earning 4% compounded monthly to accumulate a total of P20,000 after 3 years?
Given:
solution:
answer:
Given:
solution:
answer:
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Step-by-step explanation:
Given: F=20,000. j=0.04/12= 0.00333...
r= 4%. n=Mt = (12)(3)= 36
t= 3
m=12
solution: F= P(1+j)n
20,000= P(1+0.00333)'36
20,000. = P(1+0.00333)'36
(1+0.00333)'36. (1+0.00333)'36.
20,000. = P
(1+0.00333)'36
20,000. = P
36.11988
p= 553.71
answer: The amount that filep invest is P 553.711