A man intends to save up money for his retirement so that he can withdraw equal sums of P18,000 for his yearly needs from his 60th to 70th birthdays. For his 41st to 59th birthdays, he invests an equivalent amount in a fund that earns 12%. What should the amounts for each of them be?

Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
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A man intends to save up money for his retirement so that he can withdraw equal
sums of P18,000 for his yearly needs from his 60th to 70th birthdays. For his 41st
to 59th birthdays, he invests an equivalent amount in a fund that earns 12%. What
should the amounts for each of them be?
Transcribed Image Text:A man intends to save up money for his retirement so that he can withdraw equal sums of P18,000 for his yearly needs from his 60th to 70th birthdays. For his 41st to 59th birthdays, he invests an equivalent amount in a fund that earns 12%. What should the amounts for each of them be?
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