Reference no: EM132733151
Problem 1: What amount must be deposited on January 1, 2020 to be able to withdraw P5,000,000 by December 31, 2024 if the deposit earns 14% interest compounded annually? a. 3,000,000
b. 2,597,000
c. 2,348,000
d. 2,602,000
Problem 2: What will each of the five equal annual payments of principal and interest amount to if P3,000,000 is borrowed at a rate of 10% per year and the last payment being made at the end of the fifth year?
a. 600,000
b. 900,000
c. 791,392
d. 802,347
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