Find the amount of a 10,000-peso ordinary annuity payable every month at 9% compounded monthly for 5 years.
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Find the amount of a 10,000-peso ordinary annuity payable every month at 9% compounded monthly for 5 years.
The value of an annuity of
peso paid 
times a year at a rate of 
% compounded 
times a year for 
years is given by 
.
Here,
, 
times a year (monthly), 
% = 0.09, 
years.
Thus,