Scribd Logo
Upload

Welcome to Scribd!

  • FDNBUSM - Amount of Annuities at Any Time and Debtor's Remaining Liabilities - Exercise 3 - SINGSON, RALF

    Uploaded by

    Ralf Singson
    17 views1 page
    Mark deposited $3,000 every 3 months into a bank account paying 2.5% interest compounded quarterly. After 20 deposits, there was $63,699.71 in the account. Mrs. Calara deposited $2,400 every month for 5 years at 4.5% interest compounded monthly. After 15 deposits there was $36,390.53 in the fund, and after the last deposit there was $161,149.36.

    Original Description:

    Original Title

    FDNBUSM_Amount of Annuities at Any Time and Debtor’s Remaining Liabilities - Exercise 3_SINGSON, RALF

    Copyright

    © © All Rights Reserved

    Available Formats

    PDF, TXT or read online from Scribd

    Did you find this document useful?

    Is this content inappropriate?

    Report this Document
    Mark deposited $3,000 every 3 months into a bank account paying 2.5% interest compounded quarterly. After 20 deposits, there was $63,699.71 in the account. Mrs. Calara deposited $2,400 every month for 5 years at 4.5% interest compounded monthly. After 15 deposits there was $36,390.53 in the fund, and after the last deposit there was $161,149.36.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as pdf or txt
    17 views1 page

    FDNBUSM - Amount of Annuities at Any Time and Debtor's Remaining Liabilities - Exercise 3 - SINGSON, RALF

    Uploaded by

    Ralf Singson
    Mark deposited $3,000 every 3 months into a bank account paying 2.5% interest compounded quarterly. After 20 deposits, there was $63,699.71 in the account. Mrs. Calara deposited $2,400 every month for 5 years at 4.5% interest compounded monthly. After 15 deposits there was $36,390.53 in the fund, and after the last deposit there was $161,149.36.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as pdf or txt
    of 1

    Ralf Singson

    FDNBUSM

    1. If Mark deposits P3,000 at the end of every 3 months to a bank that pays 2.5%
    compounded quarterly, how much is credited to his account just after his 20th deposit?

    Given: r = 3,000 t = 3/12 j = 0.025 m = 4 k = 20 i = 0.00625

    S = 3000[(1+0.00625 )^20-1]/0.00625

    S = 3000 (21.23323814)

    S = 63,699.71

    2. In preparation for the college education of her son, Mrs. Calara will deposit P2,400 at
    the end of each month for 5 years in a fund earning 4.5% compounded monthly. How
    much is in the fund (a) just after the 15th deposit and (b) just after the last deposit?

    Given: R = 2,400 t = 5 j = 0.045 k = 15 m = 12 i = 0.00375

    A.

    S = 2,400[(1+0.00375)^15-1]/0.00375

    S = 2,400 (15.40022102)

    S = 36,390.53

    S = 103,215.06

    B.

    K = 12 x 5 = 60

    S = 2,400[(1+0.045)^60-1]/0.045

    S = 2,400 (67.14555214)

    S = 161,149.36

    You might also like