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A man wants to have P500,000 to pay for the downpayment of a new house. In order to have this money, he sets up a

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A man wants to have P500,000 to pay for the downpayment of a new house. In order to have this money, he sets up a fund earning 12% compounded monthly and deposits P40,000 at the end of each month for as long as necessary. When is the earliest time will he have at least P500,000 in the fund

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