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Ms. Jenelene wants to buy a vintage furniture for her mother. She intends to deposit an amount of money every end of 3 months for
Ms. Jenelene wants to buy a vintage furniture for her mother. She intends to deposit an amount of money every end of 3 months for 5 years into an account earning 6.5% compounded bimonthly. (a) If she plans to deposit P1,850.00 for the first 2 years and P2,200.00 for the next 3 years, find the total amount accumulated after 5 years. (b) If the vintage furniture cost P60,000.00, how much will Ms. Jenelene have to save every end of 3 months for 5 years in order to buy the furniture, considering the same interest rate as previous?
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