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What amount must be deposited annually at the compound

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Problem 1: On January 1, 2019, Hunter Company adopted a plan to accumulate P5,000,000 by January 1, 2024. Hunter plans to make 5 equal annual deposits that will earn interest at 9% compounded annually. Hunter made the first deposit on January 1, 2019. The future value of ordinary annuity of 1 at 9% for 5 periods is 5.98, and the future value of annuity due of 1 at 9% for 5 periods is 6.52. What amount must be deposited annually at the compound interest to accumulate the desired amount of P5,000,000?

Reference no: EM132697495

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