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Rom4ik [11]
3 years ago
10

How much money should a student place in a time deposit in a bank that pays 1.1% compounded annually so that he will have Php 20

0,000.00 after 6 yrs?
Mathematics
1 answer:
STatiana [176]3 years ago
5 0

Let us say that:<span>
   P = present value
   F = future value
    i = interest rate
   n = period

P = F / [ (1 + i ) ^n ]
P = 200000 / [ (1 + 0.011) ^6 ]
P = 187293.65

<span>Therefore the student must put up Php 187,293.65</span></span>

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