SOLUTION: An investment of P8,500 is made at the end of each year with interest of 3.5% compounded annually. What is the total amount of investment after 6 years?

Question 1201513: An investment of P8,500 is made at the end of each year with interest of 3.5% compounded annually. What is the total amount of investment after 6 years?
Answer by Theo(13342) (Show Source): You can put this solution on YOUR website!
you will have 55,676.29 at the end of the 6 year invetsment period.
i used the financial calculator at https://arachnoid.com/finance/
here are the results.

present value = 0
number of time periods = 6 years
payment amount = -8500.
interest rate per time eperiod = 3.5% per year.
payment made at the end of each time period.
RELATED QUESTIONS
A 35,000 principal earned an interest of P8, 500 at the end of 7 years. At what nominal... (answered by Theo)

A company wants to deposit $500,000 per year in an investment which earns an interest of... (answered by Theo)

A person wants to deposit $10,000 per year for 6 years. If interest is earned at the rate (answered by Theo)

A person wants to deposit $10,000 per year for 6 years. If interest is earned at the... (answered by CPhill)

Sara deposit $ 11,000 in an account that pays 2.5% compounded annually. Determine the... (answered by jorel1380)

A local university is planning to invest $500,000 every 3 months in an investment which... (answered by Theo)

a local university is planning to invest $ 500,000 every 3 months in an investment which... (answered by ikleyn)

A local university is planning to invest $500,000 every 3 months in an investment which... (answered by CPhill)