Khai wants to deposit a lump sum on the day his son is born into an account bearing an interest of 5% compounded annually in order to withdraw P25,000 each on his son's 18th, 19th, 20th and 21st birthdays How much is the lump sum?

Khai wants to deposit a lump sum on the day his son is born into an account bearing an interest of 5% compounded annually in order to withdraw P25,000 each on his son's 18th, 19th, 20th and 21st birthdays How much is the lump sum?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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