document.write( "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? \n" ); document.write( "

Algebra.Com's Answer #820812 by ikleyn(52793) $\"\"$ $\"About$

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\n" ); document.write( "Tom needs to raise ₱1,000,000 in 24 months. What amount should he be able to set aside now
\n" ); document.write( "and invest in fund earnings 5% per month in order for him to reach his target amount?
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document.write( "The equation to solve is\r\n" );
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document.write( "    1000000 = .\r\n" );
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document.write( "or\r\n" );
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document.write( "    1000000 = ,\r\n" );
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document.write( "where X is the unknown amount to deposit now,\r\n" );
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document.write( "From the equation,\r\n" );
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document.write( "    X =  = 310067.91.    ANSWER\r\n" );
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\n" ); document.write( "\n" ); document.write( "To see many other similar (and different) solved problems on compounded interest accounts, look into the lesson\r
\n" ); document.write( "\n" ); document.write( " - Compounded interest percentage problems \r
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\n" ); document.write( "\n" ); document.write( "Learn the subject from there.\r
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