Mr. Hernandez wants to provide a series of 18 yearly allowance for his 1 yr old daughter starting at the age of 8. The amounts are as follows: P50,000.00 for the first 7 years, P85,000.00 for the next 5 years and P200,000.00 for the remaining years. If the rate is 17% compounded per year, what amount should he deposit now?
Mr. Hernandez wants to provide a series of 18 yearly allowance for his 1 yr old daughter starting at the age of 8. The amounts are as follows: P50,000.00 for the first 7 years, P85,000.00 for the next 5 years and P200,000.00 for the remaining years. If the rate is 17% compounded per year, what amount should he deposit now?
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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Mr. Hernandez wants to provide a series of 18 yearly allowance for his 1 yr old daughter starting at the age of 8. The amounts are as follows: P50,000.00 for the first 7 years, P85,000.00 for the next 5 years and P200,000.00 for the remaining years. If the rate is 17% compounded per year, what amount should he deposit now?
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