document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=1194195>Question 1194195</A>: <I><SPAN STYLE=\"word-break: break-all;\"> A fund of ₱240,000 is to be accumulated by making monthly deposits <BR>\n" );
document.write( "of ₱6,000. If money is worth 16% compounded monthly and deposits <BR>\n" );
document.write( "are made at the end of each month,<BR>\n" );
document.write( "a. how many regular deposits of ₱6,000 are needed?<BR>\n" );
document.write( "b. how much is in the fund after the ninth deposit?<BR>\n" );
document.write( "c. what is the interest earned on the 10th deposit?<BR>\n" );
document.write( "d. what is the increase in the fund on the 20th deposit?<BR>\n" );
document.write( "e. what additional deposit should be made after the last regular <BR>\n" );
document.write( "deposit is made? </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #826476 by </B><A HREF=/tutors/aboutme.mpl?userid=Theo><B>Theo(13342)</B></A><img src=\"/images/stars/stars-13.gif\" alt=\"\" >&nbsp;<A HREF=/tutors/aboutme.mpl?userid=Theo><IMG SRC=http://www.algebra.com/images/aboutme-small.gif BORDER=0 alt=\"About Me\" VALIGN=MIDDLE></A>&nbsp;<IMG SRC=http://www.algebra.com/cgi-bin/show-face.mpl?user=Theo><BR>You can <A HREF=\"/cgi-bin/embed-solution.mpl?show=1&solution=826476\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> my cash flow of deposits and interest and remaining balance are shown below.\r<BR>\n" );
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document.write( "<IMG STYLE=\"max-width:80%;\" src = \"http://theo.x10hosting.com/2022/051611.jpg\"><BR>\n" );
document.write( "<IMG STYLE=\"max-width:80%;\" src = \"http://theo.x10hosting.com/2022/051612.jpg\">\r<BR>\n" );
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document.write( "answers to your questions are below.\r<BR>\n" );
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document.write( "a. how many regular deposits of ₱6,000 are needed?<BR>\n" );
document.write( "31 regular deposits of 6,000 are needed.\r<BR>\n" );
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document.write( "b. how much is in the fund after the ninth deposit?<BR>\n" );
document.write( "the remaining balance after the ninth deposit is equal to $213,413.34.\r<BR>\n" );
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document.write( "c. what is the interest earned on the 10th deposit?<BR>\n" );
document.write( "the interest earned on the 10th deposit is equal to $2,845.51.<BR>\n" );
document.write( "this is based on .16/12 * $213,413.34 which is the remaining balance before the 10th deposit is made.<BR>\n" );
document.write( "the interest is then calculated and added to that remaining balance and then the 6,000 deposit is subtracted.<BR>\n" );
document.write( "the interest is not earned on the 6,000 deposited.<BR>\n" );
document.write( "it is earned on the remaining balance that existed before the 6,000 was deposited.\r<BR>\n" );
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document.write( "d. what is the increase in the fund on the 20th deposit?<BR>\n" );
document.write( "the remaining balance after the 20th deposit is equal to $136,487.95.<BR>\n" );
document.write( "the remaining balance before the 20tyh deposit is equal to $128,771.00.<BR>\n" );
document.write( "the increase after the 20th deposit is equal to 128,771.00 minus 136,487.95 = $7,716.95.\r<BR>\n" );
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document.write( "e. what additional deposit should be made after the last regular<BR>\n" );
document.write( "deposit is made?<BR>\n" );
document.write( "the additional deposit for the last payment is equal to $8,477.31.\r<BR>\n" );
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document.write( "the spreadsheet has all the information.<BR>\n" );
document.write( "let me know if you have any questions.<BR>\n" );
document.write( "theo\r<BR>\n" );
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document.write( " </SPAN>\n" );
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