Engineering Board Exam Reviewer · Ordinary Annuity · hard

Find the future value of an ordinary annuity of P1,000 monthly for 3 years at 12% compounded monthly.

  1. P43,076.88
  2. P42,000.00
  3. P44,000.00
  4. P36,000.00

Answer

A. P43,076.88

Solution

n=36, i=0.01. FV=1000· (1.01)36-10.01 P43,076.88.

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