Jen has Php100,000 in the bank. She intends to increase her savings to Php500,000. If she can deposit Php8,000 at the end of every month and the bank pays 3% compounded monthly, when will she be able to save the said amount? years

College Algebra
1st Edition
ISBN:9781938168383
Author:Jay Abramson
Publisher:Jay Abramson
Chapter9: Sequences, Probability And Counting Theory
Section: Chapter Questions
Problem 29RE: Alejandro deposits $80 of his monthly earnings into an annuity that earns 6.25% annual interest,...
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Jen has Php100,000 in the bank. She intends to increase her savings to Php500,000. If she can deposit Php8,000 at the end
of every month and the bank pays 3% compounded monthly, when will she be able to save the said amount?
years
Transcribed Image Text:Jen has Php100,000 in the bank. She intends to increase her savings to Php500,000. If she can deposit Php8,000 at the end of every month and the bank pays 3% compounded monthly, when will she be able to save the said amount? years
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