11. A man deposited P6,000 at a rate of 10% per annum. However, to add more fund, he deposits P500 per year that started one year after he deposited the P6,000. If he is withdrawing P1,500 per year for his expenses, for how long will the fund last and what will be the balance in the fund after the last withdrawal was made?
11. A man deposited P6,000 at a rate of 10% per annum. However, to add more fund, he deposits P500 per year that started one year after he deposited the P6,000. If he is withdrawing P1,500 per year for his expenses, for how long will the fund last and what will be the balance in the fund after the last withdrawal was made?
Financial Accounting Intro Concepts Meth/Uses
14th Edition
ISBN:9781285595047
Author:Weil
Publisher:Weil
ChapterA: Appendix - Time Value Of Cash Flows: Compound Interest Concepts And Applications
Section: Chapter Questions
Problem 23E
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![11. A man deposited P6,000 at a rate of 10% per annum. However, to add more fund, he deposits P500 per year that started one year after he
deposited the P6,000. If he is withdrawing P1,500 per year for his expenses, for how long will the fund last and what will be the balance in the fund
after the last withdrawal was made?](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F18a053be-575a-43d0-9c9c-d82d933570f2%2Fbb0f431e-4e8f-41f3-a9eb-c81f5abe4c8d%2Fv55r096_processed.png&w=3840&q=75)
Transcribed Image Text:11. A man deposited P6,000 at a rate of 10% per annum. However, to add more fund, he deposits P500 per year that started one year after he
deposited the P6,000. If he is withdrawing P1,500 per year for his expenses, for how long will the fund last and what will be the balance in the fund
after the last withdrawal was made?
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