Find the periodic payments of the following ordinary annuities.
11. Monthly payment of the future value of P50,000 for 1 year with an interest rate of 10% compounded monthly.
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Answer:
We know,
A= P(1+10÷100)¹ =50,000×110÷100=50,000×1.1=55,000
Answer is 55,000 RS.
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