Answered: (c)Plug in the given in the formula if…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

I need your help tutor!

This is how you answer the problem

(a) Identify the Given and the Unknown or what is being asked in the problem

(b)Provide the formula to be used

(c)Plug in the given in the formula if there is a derivation of the formula please show it

(d)Box the final answer. however, the final answer is already included in the problem, what you need to do is to match your answer and the answer in the book. Because in the book they only provide the answer but not the solution.

Ps:Do not give me an answer which is made in ms excel.I need the manual solution, I am not an accountant to understand ms excel solutions.Pls rely as well on the given answers.

Problem:

Q1. Suppose a man receives an initial annual salary of 60,000Php, increasing at the rate of 5,000Php a
year. If money is worth 10%, determine his equivalent salary for a period of 8 years.
Answer: A = 75,022.39Php

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