Question
You need to collect 10 million as soon as possible. For this purpose, three quarterly deposits of 3 million colones each in a savings fund
You need to collect 10 million as soon as possible. For this purpose, three quarterly deposits of 3 million colones each in a savings fund that for 22.5%. How much time will pass from today that the first deposit to achieve the goal?
Step by Step Solution
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There are 3 Steps involved in it
Step: 1
To solve this problem we can use the future value formula for a series of deposits FV P 1 rn 1r ight ...
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Step: 2
Step: 3
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Engineering Economy
Authors: William G. Sullivan, Elin M. Wicks, C. Patrick Koelling
15th edition
132554909, 978-0132554909
