How much money should a student place in a time deposit in a bank that pays 1.1 compounded annually so that he will have Php 200000.00 after 6 yrs?

To find out how much money a student should deposit to have Php 200,000 after 6 years at an interest rate of 1.1% compounded annually, we can use the formula for compound interest: ( A = P(1 + r)^n ), where ( A ) is the future amount, ( P ) is the principal, ( r ) is the interest rate, and ( n ) is the number of years. Rearranging the formula to solve for ( P ), we get ( P = \frac{A}{(1 + r)^n} ). Plugging in the values, ( P = \frac{200,000}{(1 + 0.011)^6} ), which calculates to approximately Php 187,066. Therefore, the student should deposit about Php 187,066.