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CONCEPTS IN FED.TAX.,2020-W/ACCESS

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter5: Introduction To Business Expenses

Section: Chapter Questions

Problem 61P

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Question

An instructor plans to retire in exactly one year and want an account that will pay him P26 000 a year
for the next 15yrs. Assuming a 6% annual effective interest rate, what is the amount(P) he would
need to deposit now? (The fund will be deposited after 15yrs).

An employee borrowed P700, 000 with 12% interest compounded semi-annually promised to pay
every 6 months for 8 years after and agreed to pay 1yr after. What amount should be pay(P) semi-
annually?

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