A P10 million retirement Fund is made available for Dr Covid. From this fund, an annual pension of P600,000 is to be withdrawn by Mr Covid and the amount will increase by 10% annually after the first withdrawal in order to offset inflation. How much fund is left after 5 withdrawals if the fund earns interest of 10% ра? O P12,875,351 O P 9,235,864 O P11,712,280 O P11,789,738

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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AP10 million retirement Fund is made
available for Dr Covid. From this fund, an
annual pension of P600,000 is to be withdrawn
by Mr Covid and the amount will increase by
10% annually after the first withdrawal in order
to offset inflation. How much fund is left after
5 withdrawals if the fund earns interest of 10%
pa?
O P12,875,351
O P 9,235,864
O P11,712,280
O P11,789,738
Transcribed Image Text:AP10 million retirement Fund is made available for Dr Covid. From this fund, an annual pension of P600,000 is to be withdrawn by Mr Covid and the amount will increase by 10% annually after the first withdrawal in order to offset inflation. How much fund is left after 5 withdrawals if the fund earns interest of 10% pa? O P12,875,351 O P 9,235,864 O P11,712,280 O P11,789,738
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