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Question - Jim Hayes wants to buy some electronic equipment for $800. Jim has decided to save uniform amount at the end of each month so that after 12 months he will have the required $800. If the interest rate is 0.5% per month.
Required -
(a) Construct a cash flow diagram.
(b) Determine how much Jim has to deposit each month by using tabulated factors.
On January 1, 2019, What amount must be deposited annually at the compound interest to accumulate the desired amount of P5,000,000?
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