Question

On the 7th birtday of her daugter,JV deposit an amount in a bank that pays 8℅ compounded every six months.How much should he deposit if she wants to have Php 200,000 on his daughters 18th birtday?​

Answer 1

Amount, A = 200000

r = 8% per yer

= 8%/2 =4% per half year = 0.04

n= 18-7 = 11 years

= 11×2 = 22 half years

A = p(1+r)ⁿ

200000 = p(1+.04)²²

p = 200000/ 1.04²² = 473983.76/-