A deposit of 120 000.00 Php is placed into a college fund
at the beginning of every month for 10 years. The fund
earns 9% annual interest, compounded monthly, and paid
at the end of the month. How much is in the account right
after the last deposit?
at the beginning of every month for 10 years. The fund
earns 9% annual interest, compounded monthly, and paid
at the end of the month. How much is in the account right
after the last deposit?
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Answer:
120,000 ÷ 10 - 9%=
120,000 ÷ 10= 12,000
12,000 - 9% = 10,920