Question 1194195
A fund of ₱240,000 is to be accumulated by making monthly deposits 
of ₱6,000. If money is worth 16% compounded monthly and deposits 
are made at the end of each month,
a. how many regular deposits of ₱6,000 are needed?
b. how much is in the fund after the ninth deposit?
c. what is the interest earned on the 10th deposit?
d. what is the increase in the fund on the 20th deposit?
e. what additional deposit should be made after the last regular 
deposit is made?
<pre><font color = red><font size = 4><b>a.</font></font></b> To realize the $240,000, at $6,000 per month, it'll take 2.689 years, or 2 years, 8.27 months,
but since this is compounded monthly, it will be <font color = blue><font size = 4><b>2 years & 9 months, or 33 months!</font></font></b>

<font color = red><font size = 4><b>b.</font></font></b>  Amount in account after the 9th month/deposit:<font color = blue><font size = 4><b> $56,971.42</font></font></b>

Accept no other answers!

These are the only 2 I'll do for you!</pre>