Mr. Ramos savings allow her to withdraw 50,000 semi-annually for 11 years starting at the end of 5 years.How much is Mr. Ramos's savings if the interest rate is 4% converted semi-annually? Round off your answerin two decimal places.

Solution Concept This is the problem related to time value of money Present value is calculated by…

Answered: Mr. Ramos savings allow her to withdraw…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Mr. Ramos savings allow her to withdraw 50,000 semi-annually for 11 years starting at the end of 5 years. How much is Mr. Ramos's savings if the interest rate is 4% converted semi-annually? Round off your answer