Engineering Board Exam Reviewer · Ordinary Annuity · hard
Find the periodic payment needed to accumulate P100,000 in 8 years, with an ordinary annuity earning 7% annually.
- P9,745.02
- P9,500.00
- P10,000.00
- P8,750.00
Answer
A. P9,745.02
Solution
A=FV· i/(1+i)n-1=100000(0.07)/(1.07)8-1 P9,745.02.
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