SOLUTION: Tom needs to raise ₱1,000,000 in 24 months. What amount should he be able to set aside now and invest in fund earnings 5% per month in order for him to reach his target amount?

Question 1189451: Tom needs to raise ₱1,000,000 in 24 months. What amount should he be able to set aside now and invest in fund earnings 5% per month in order for him to reach his target amount?
Answer by ikleyn(52797) (Show Source): You can put this solution on YOUR website!
.
Tom needs to raise ₱1,000,000 in 24 months. What amount should he be able to set aside now
and invest in fund earnings 5% per month in order for him to reach his target amount?
~~~~~~~~~~~~~~~~

The equation to solve is


    1000000 = .

or

    1000000 = ,


where X is the unknown amount to deposit now,


From the equation,


    X =  = 310067.91.    ANSWER

Solved.

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To see many other similar (and different) solved problems on compounded interest accounts, look into the lesson
- Compounded interest percentage problems
in this site.

Learn the subject from there.

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