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?
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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(52794) (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?
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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.
