he officers and Board of Directors of the Philippine Institute of Civil Engineers desire to award a P3,000 scholarships annually to deserving Civil Engineering students for as long as its scholarship fund last. The fund was started September 1, 2007 by a donor in the amount of P18,000. The PICE invested this amount at that time at 8% per annum, and plans on adding P600 each year to the fund from its dues starting September 2008 for as long as awards are made. How to solve for how many years starting September1, 2008 can scholarship be awarded?

he officers and Board of Directors of the Philippine Institute of Civil Engineers desire to award a P3,000 scholarships annually to deserving Civil Engineering students for as long as its scholarship fund last. The fund was started September 1, 2007 by a donor in the amount of P18,000. The PICE invested this amount at that time at 8% per annum, and plans on adding P600 each year to the fund from its dues starting September 2008 for as long as awards are made. How to solve for how many years starting September1, 2008 can scholarship be awarded?

Financial Accounting Intro Concepts Meth/Uses

14th Edition

ISBN:9781285595047

Author:Weil

Publisher:Weil

ChapterA: Appendix - Time Value Of Cash Flows: Compound Interest Concepts And Applications

Section: Chapter Questions

Problem 24E

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The officers and Board of Directors of the Philippine Institute of Civil Engineers desire to awarda P3,000 scholarship annually to deserving Civil Engineering students for as long as its scholarshipfund last. The fund was started September 1, 2007 by a donor in the amount of P18,000. The PICEinvested this amount at that time at 8% per annum, and plans on adding P600 each year to the fund fromits dues starting September 2008 for as long as awards are made.a. Draw the cash flow diagram.b. For how many years starting September1, 2008 can scholarship be awarded?c. What will be the balance in the fund after the last award is made?
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