Mr. Jones will invests P 5,000 in a fund at the end of each 6 months to accumulate P 100,000 to buy a machine. if the fund is invested at 2.45% compounded semi - annually, how many years will the fund contain at least P 100,00O? Select one: a. 16 x b. 8 C. 9 d. 18

Financial Accounting Intro Concepts Meth/Uses
14th Edition
ISBN:9781285595047
Author:Weil
Publisher:Weil
ChapterA: Appendix - Time Value Of Cash Flows: Compound Interest Concepts And Applications
Section: Chapter Questions
Problem 22E
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Mr. Jones will invests P 5,000 in a fund at the end of each 6 months to
accumulate P 100,000 to buy a machine. if the fund is invested at 2.45%
compounded semi - annually, how many years will the fund contain at
least P 100,000?
Select one:
а. 16 х
b. 8
С. 9
d. 18
Transcribed Image Text:Mr. Jones will invests P 5,000 in a fund at the end of each 6 months to accumulate P 100,000 to buy a machine. if the fund is invested at 2.45% compounded semi - annually, how many years will the fund contain at least P 100,000? Select one: а. 16 х b. 8 С. 9 d. 18
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