Question 1189451
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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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<pre>
The equation to solve is


    1000000 = {{{X*(1+0.05)^24}}}.

or

    1000000 = {{{X*1.05^24}}},


where X is the unknown amount to deposit now,


From the equation,


    X = {{{1000000/1.05^24}}} = 310067.91.    <U>ANSWER</U>
</pre>

Solved.


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To see many other similar &nbsp;(and different) &nbsp;solved problems on compounded interest accounts, &nbsp;look into the lesson

&nbsp;&nbsp;&nbsp;&nbsp;- <A HREF=https://www.algebra.com/algebra/homework/percentage/lessons/Compound-interest-percentage-problem.lesson>Compounded interest percentage problems</A> 

in this site.



Learn the subject from there.