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What Will Your January 1, 20x9 Balance Be If The Bank Uses Quarterly Compounding
What Will Your January 1, 20x9 Balance Be If The Bank Uses Quarterly Compounding
Given:
PV= P100,000
I= 8%
Periodic rate= 2%
N= Number of periods= 3 periods
FVN=?
Solution:
FVN= PV (1+I) N
FVN = P100, 000 (1+0.02)3
FVN = P106, 120.80