Independent Practice 1
1. Explore
2.plan
3.solve
4.check
How much must Michelle set aside and invest in a fund earning 2.1%
compounded quarterly if she wants to accumulate P 50,000.00 in 5 years?
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Given : a fund earning 2.1% compounded quarterly
accumulate P 50,000.00 in 5 years
To Find : How much must Michelle set aside and invest
Solution:
t Michelle set aside and invest = P
R = 2.1 % per annum = 2.1/4 = 0.525 % Quarterly
T = 5 years = 20 Quarters
A = 50,000
A = P( 1 + R/100)ⁿ
=> 50,000 = P ( 1 + 0.525/100)²⁰
=> P = 45,028.59
Michelle set aside and invest = 45,028.59
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answer plss whole solution po dapat
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