1. A person is planning for his retired life. He has 10 more years of service. He would like to deposit 20% of his salary, which is Php10,000, at the end of the first year and thereafter he wishes to deposit the same amount (Php10,000) with an annual increase of Php2,000 for the next 9 years with an interest rate of 20%. Find the total amount at the end of the 10th year of the above series.
1. A person is planning for his retired life. He has 10 more years of service. He would like to deposit 20% of his salary, which is Php10,000, at the end of the first year and thereafter he wishes to deposit the same amount (Php10,000) with an annual increase of Php2,000 for the next 9 years with an interest rate of 20%. Find the total amount at the end of the 10th year of the above series.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Solve the following problems. Show detailed, complete and neat illustrations or solutions. Round off answers in fourdecimal places.
1. A person is planning for his retired life. He has 10 more years of service. He would like to deposit 20% of his salary, which is Php10,000, at the end of the first year and thereafter he wishes to deposit the same amount (Php10,000) with an annual increase of Php2,000 for the next 9 years with an interest rate of 20%. Find the total amount at the end of the 10th year of the above series.
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