Mysteriouslydumbidn
Answered

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Exercise 3: Jason started to deposit P20,000 quarterly in a fund that pays
2% compounded quarterly. How much will be in the fund after 5 years?
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Sagot :

Criselda30idn

solution: FV(1+i/n)^nt

pv=20,000

i=2% / 0.02

t= 5

n= 4

(20,000) (1+0.02/4)^4(5)

(1+0.005)^20

(1.005)^20

(20,000) (1.1048955)

=22,098.91