how long will it take for investment of php. 15000 to grow up to php. 17935 with 6% interest compounded quarterly??
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Answer:
future value= Php 10,146.00
interest= 12% per annum = 0.12 per annum
future value x interest
=10,146.00 * (0.12)
= 1,217.52
future value-interest earned
=10,146 - 1,217.52
= 8,928.48
total net amount saved in 1 year/ 12 months
= 8,928.48/ 12
= 744.04
Answer:
744.04
You need Php 744.04 to save per month to have a future value of Php 10,146.00 after 12 months of saving in a fund that gives 12% per annum.
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