Mr. Consunji plans to retire in fifteen years and wants an account that will pay him P25,000 a year for the next 15 years assuming a 6% annual effective interest rate, what is the amount he would need to deposit now? O a. P242,680.00 O b. P242,086.00 O c. P242,806.00 O d. P224,806.00

Mr. Consunji plans to retire in fifteen years and wants an account that will pay him P25,000 a year for the next 15 years assuming a 6% annual effective interest rate, what is the amount he would need to deposit now? O a. P242,680.00 O b. P242,086.00 O c. P242,806.00 O d. P224,806.00

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

Mr. Consunji plans to retire in fifteen years and wants an account that will pay him P25,000 a year
for the next 15 years assuming a 6% annual effective interest rate, what is the amount he would
need to deposit now?
O a. P242,680.00
O b. P242,086.00
O c. P242,806.00
O d. P224,806.00

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