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How much money should a student place in a time deposit in a bank that pays 1.1% compounded annually so that he will have Php 200,000.00 after 6 yrs?

Respuesta :

barnuts

Let us say that:
   P = present value
   F = future value
    i = interest rate
   n = period

P = F / [ (1 + i ) ^n ]
P = 200000 / [ (1 + 0.011) ^6 ]
P = 187293.65

Therefore the student must put up Php 187,293.65

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