Gil decided to sell their farm and to deposit the fund in a bank. After computing the interest, he found out that he may withdraw P350,000 yearly for 4 years starting at the end of 7 years when it is time for him to retire. How much is the fund deposited if the interest rate is 3% converted annually? Given: Find: Solution:
Gil decided to sell their farm and to deposit the fund in a bank. After computing the interest, he found out that he may withdraw P350,000 yearly for 4 years starting at the end of 7 years when it is time for him to retire. How much is the fund deposited if the interest rate is 3% converted annually? Given: Find: Solution:
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
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Gil decided to sell their farm and to deposit the fund in a bank. After computing the interest, he found out that he may withdraw P350,000 yearly for 4 years starting at the end of 7 years when it is time for him to retire. How much is the fund deposited if the interest rate is 3% converted annually?
Given:
Find:
Solution:
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