A young man, 22 years old, graduated from college and got his first job. He wants to have a retirement fund so he decided to deposit P2,000.00 at the end of each year in a fund at 15% annual interest. He is planning to retire when his fund has an accumulated value of P1,000,000, how old is he by then?
A young man, 22 years old, graduated from college and got his first job. He wants to have a retirement fund so he decided to deposit P2,000.00 at the end of each year in a fund at 15% annual interest. He is planning to retire when his fund has an accumulated value of P1,000,000, how old is he by then?
Elements Of Electromagnetics
7th Edition
ISBN:9780190698614
Author:Sadiku, Matthew N. O.
Publisher:Sadiku, Matthew N. O.
ChapterMA: Math Assessment
Section: Chapter Questions
Problem 1.1MA
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ANSWER THE FF SHOW YOUR COMPLETE SOLUTION:
![A young man, 22 years old, graduated
from college and got his first job. He
wants to have a retirement fund so he
decided to deposit P2,000.00 at the end
of each year in a fund at 15% annual
interest. He is planning to retire when
his fund has an accumulated value of
P1,000,000, how old is he by then?
O 53 years old
O 63 years old
75 years old
31 years old](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fc70e95d9-daff-4c2c-ba0b-c6943901fba2%2F7ff10e94-d9b8-4cfb-b19c-8dc6bff76533%2Fswip0q_processed.png&w=3840&q=75)
Transcribed Image Text:A young man, 22 years old, graduated
from college and got his first job. He
wants to have a retirement fund so he
decided to deposit P2,000.00 at the end
of each year in a fund at 15% annual
interest. He is planning to retire when
his fund has an accumulated value of
P1,000,000, how old is he by then?
O 53 years old
O 63 years old
75 years old
31 years old
![A wealthy man donated a certain
amount of money in a bank at a rate of
12% compounded annually to be able to
pay the following scholarship awards;
P4,000 per year for the first 5 years;
P6,000 per year on the next five years
and P9,000 per year on the years
thereafter. Find the amount of money
deposited by the man.
O P14,419.10
OP12,272.68
O P50,839.78
O P75,000](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fc70e95d9-daff-4c2c-ba0b-c6943901fba2%2F7ff10e94-d9b8-4cfb-b19c-8dc6bff76533%2Fnea0tl_processed.png&w=3840&q=75)
Transcribed Image Text:A wealthy man donated a certain
amount of money in a bank at a rate of
12% compounded annually to be able to
pay the following scholarship awards;
P4,000 per year for the first 5 years;
P6,000 per year on the next five years
and P9,000 per year on the years
thereafter. Find the amount of money
deposited by the man.
O P14,419.10
OP12,272.68
O P50,839.78
O P75,000
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