Amanda inherited P280,000 on her 30th birthday. She placed it on a pension fund which earns an interest of 12% compounded annually. On her 35th birthday she withdraw P450,000 to buy a car. On her 65th birthday she started withdrawing a uniform payment from her fund and plans to make 20 withdrawals just as to exhaust her funds. Unfortunately she died at the age of 71. If she is able to withdraw the same amount before dying how much fund is left to her heirs? P1.605.836.80

Amanda inherited P280,000 on her 30th birthday. She placed it on a pension fund which earns an interest of 12% compounded annually. On her 35th birthday she withdraw P450,000 to buy a car. On her 65th birthday she started withdrawing a uniform payment from her fund and plans to make 20 withdrawals just as to exhaust her funds. Unfortunately she died at the age of 71. If she is able to withdraw the same amount before dying how much fund is left to her heirs? P1.605.836.80

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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