converted quarterly. What should be Stella's quarterly deposit?

Financial Accounting Intro Concepts Meth/Uses
14th Edition
ISBN:9781285595047
Author:Weil
Publisher:Weil
ChapterA: Appendix - Time Value Of Cash Flows: Compound Interest Concepts And Applications
Section: Chapter Questions
Problem 15E
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Question 15
In order to fund the renovation of her condo
unit, Stella estimates that Php350,000 will be
needed in 4.5 years. She decides to deposit a sum
every 3 months with interest earned at 8%
converted quarterly. What should be Stella's
quarterly deposit?
Php22,376.58
Php23,345.74
Php16,345.74
Php19,444.44
15
Transcribed Image Text:Question 15 In order to fund the renovation of her condo unit, Stella estimates that Php350,000 will be needed in 4.5 years. She decides to deposit a sum every 3 months with interest earned at 8% converted quarterly. What should be Stella's quarterly deposit? Php22,376.58 Php23,345.74 Php16,345.74 Php19,444.44 15
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