P30,000 worth of scholarship grant every year to selected engineering students. The initial amount worth P100,000 was deposited to the account on January 1, 2019 at 5% compounded semi-annually rate. Starting January 1, 2020, P10000 each year was added to the fund and lasted for as long as awards can be made. 1. For how many years starting January 1, 2020 can the scholarship last 2. What will be the balance in the fund after the last scholarshin fund was awarded
P30,000 worth of scholarship grant every year to selected engineering students. The initial amount worth P100,000 was deposited to the account on January 1, 2019 at 5% compounded semi-annually rate. Starting January 1, 2020, P10000 each year was added to the fund and lasted for as long as awards can be made. 1. For how many years starting January 1, 2020 can the scholarship last 2. What will be the balance in the fund after the last scholarshin fund was awarded
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
ChapterM: Time Value Of Money Module
Section: Chapter Questions
Problem 10E: Amount of an Annuity John Goodheart wishes to provide for 6 annual withdrawals of 3,000 each...
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![A philanthropist put up an account to award P30,000
worth of scholarship grant every year to selected
engineering students. The initial amount worth P100,000
was deposited to the account on January 1, 2019 at 5%
compounded semi-annually rate. Starting January 1, 2020,
P10000 each year was added to the fund and lasted for as
long as awards can be made.
1. For how many years starting January 1, 2020 can the
scholarship last
2. What will be the balance in the fund after the last
scholarship fund was awarded
3. Find the effective rate.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F15a40e92-1184-470a-affe-9d84d6196306%2F699d67c8-4c7c-4e22-8ace-c17181ed2c99%2Fylbsolr_processed.jpeg&w=3840&q=75)
Transcribed Image Text:A philanthropist put up an account to award P30,000
worth of scholarship grant every year to selected
engineering students. The initial amount worth P100,000
was deposited to the account on January 1, 2019 at 5%
compounded semi-annually rate. Starting January 1, 2020,
P10000 each year was added to the fund and lasted for as
long as awards can be made.
1. For how many years starting January 1, 2020 can the
scholarship last
2. What will be the balance in the fund after the last
scholarship fund was awarded
3. Find the effective rate.
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