SOLUTION: If Dr. Covey invests Php 2,400,000 from December 31, 2018 to January 1, 2021 at 8% interest per annum, will he be able to afford a Php 3,000,000 car thereafter?

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Question 1168216: If Dr. Covey invests Php 2,400,000 from December 31, 2018 to January 1, 2021 at 8% interest per annum, will he be able to afford a Php 3,000,000 car thereafter?
Answer by ikleyn(52781) About Me  (Show Source):
You can put this solution on YOUR website!
.
If Dr. Covey invests Php 2,400,000 from December 31, 2018 to January 1, 2021 at 8% interest per annum,
will he be able to afford a Php 3,000,000 car thereafter?
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Calculate the future value of the one time 2,400,000 Php deposit in 2 (two) years at 8% interest per annum


    FV = 2400000%281%2B0.08%29%5E2 = Php 2,799,360,


and the answer "No" will be clear to you.

Solved.