Engineering Board Exam Reviewer · Annuity Due and Deferred Annuity · hard
Find the accumulated value of an annuity due of P1,500 monthly for 2 years at 12% compounded monthly.
- P40,864.85
- P40,460.25
- P41,000.00
- P40,000.00
Answer
A. P40,864.85
Solution
n=24, i=0.01. FVord=1500· (1.01)24-10.01 40,460.25. FVdue=40460.25(1.01) P40,864.85.
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