A young woman, 22 years old has just graduated from college. She accepts a good job and desires to establish her own retirement fund. At the end of each year thereafter she plans to deposit P2,000 in a fund at 15% annual interest. How old will she be when the fund has an accumulated value of P1,000,000? Draw cash flow diagram
A young woman, 22 years old has just graduated from college. She accepts a good job and desires to establish her own retirement fund. At the end of each year thereafter she plans to deposit P2,000 in a fund at 15% annual interest. How old will she be when the fund has an accumulated value of P1,000,000? Draw cash flow diagram
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Transcribed Image Text:A young woman, 22 years old has just
graduated from college. She accepts a
good job and desires to establish her own
retirement fund. At the end of each year
thereafter she plans to deposit P2,000 in a
fund at 15% annual interest. How old will
she be when the fund has an accumulated
value of P1,000,000?
Draw cash flow diagram
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