You decided to join a Kabataan Savers Club which aims for financial growth of the youth nowadays. If you pay ₱1,000.00 at the end of each month for 5 months on account that pays interest at 12% compounded monthly, how much money will you have after 5 months?
Answer:
Solution:
12% is the compound ordinary annuity.
F= P(HY)"
=1000 (1+0.12)5
=1762.34
earn F-P=1762.34-1000 =762.34.