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Pfin (with Mindtap, 1 Term Printed Access Card) (mindtap Course List)
7th Edition
ISBN:9780357033609
Author:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk
Publisher:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk
Chapter13: Investing In Mutual Funds, Etfs, And Real Estate
Section: Chapter Questions
Problem 9FPE
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Jinky has just completed a financial literacy class and she
is following the advice on how to plan future purchases
based on savings today. Jinky has a stable stream of
income. She knows that every December, she receives
Christmas bonus of which P20,000 can be set aside. She
decides to finance her house and lot based on equity
(personal money). How much more should she save
monthly for 20 years if her investment earns a minimum of
12% per year?
Transcribed Image Text:Jinky has just completed a financial literacy class and she is following the advice on how to plan future purchases based on savings today. Jinky has a stable stream of income. She knows that every December, she receives Christmas bonus of which P20,000 can be set aside. She decides to finance her house and lot based on equity (personal money). How much more should she save monthly for 20 years if her investment earns a minimum of 12% per year?
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