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tester [92]
2 years ago
11

Help please, thanks in advance

Mathematics
1 answer:
ycow [4]2 years ago
5 0

Answer: Philip can earn back his initial investment in 12.4 years


Step-by-step explanation:


Amount Invested by Philips in period annuity = 800,000

Annual Percentage Rate (APR) = 5.2%

APR compounded monthly for a period of 20 years.


Amount to be received per annuity period = 800,000 * (((1+(0.052/12))^240)*(0.052/12))/(((1+0.052/12))^240)-1)

= 5368.43


Time taken ( in months ) by Philip to earn back his initial investment = 800,000/5368.43 = 149.02 months



Time taken ( in years ) by Philip to earn back his initial investment = 149.02/12 = 12.4 years


Hope it helps.

Thank you :)



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