4. Rodel decided to sell their farm and to deposit the fund in a bank. After computing the interest, they learned that they may withdraw P 480,000.00 yearly for 8 years starting at the end of 6 years when it is time for him to retire. How much is the fund deposited if the interest rate is 5% converted annually?

4. Rodel decided to sell their farm and to deposit the fund in a bank. After computing the interest, they learned that they may withdraw P 480,000.00 yearly for 8 years starting at the end of 6 years when it is time for him to retire. How much is the fund deposited if the interest rate is 5% converted annually?

Excel Applications for Accounting Principles

4th Edition

ISBN:9781111581565

Author:Gaylord N. Smith

Publisher:Gaylord N. Smith

Chapter27: Time Value Of Money (compound)

Section: Chapter Questions

Problem 10E

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4. Rodel decided to sell their farm and to deposit the fund in a bank. After computing the interest, they learned that they may withdraw P480,000.00 arly for 8 years starting at the end of 6 years when it is time for him to retire. How much is the fund deposited if the interest rate is 5% converted annually?
Jin decided to sell their farm and to deposit the fund in a bank. After computing the interest, they learned that they may withdraw P480,000.00 arly for 8 years starting at the end of 6 years when it is time for him to retire. How much is the fund deposited if the interest rate is 5% converted annually?
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