Ten years ago, you deposited P5400 per month. You made the deposit for 6 years and then stopped 4 years later, you established a belts and nuts factory, and start withdrawing P2.300 every month for advertisement. Money is worth 6% compounded monthly. How many months can you withdraw before the money is exhausted? What is the present worth of the withdrawal?(please give the real real not the copied one)

Ten years ago, you deposited P5400 per month. You made the deposit for 6 years and then stopped 4 years later, you established a belts and nuts factory, and start withdrawing P2.300 every month for advertisement. Money is worth 6% compounded monthly. How many months can you withdraw before the money is exhausted? What is the present worth of the withdrawal?(please give the real real not the copied one)

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Ten years ago, you saved $5,000 in account X that pays a compounding interest rate. You also saved $5,000 in account Y that pays a simple interest rate. Both accounts have $10,000 now. How much will you have in the two accounts at the end of year 10? A. $20,000 in account X and $15,000 in account Y B. $20,000 in account X and $20,000 in account Y C. $40,000 in account X and $20,000 in account
(a) A bank account pays 5.5% annual interest, compounded monthly. How long will it take the money to double in this account? (b) An investment offers to double your money in 5 years, what the APR are you being offered
You want to be able to withdraw $45,000 each year for 15 years. Your account earns 6% interest. a) How much do you need in your account at the beginning? W b) How much total money will you pull out of the account? c) How much of that money is interest?
Suppose you decide to deposit $18,000 in a savings account that pays a nominal rate of 6%, but interest is compounded daily. Based on a 365-day year, how much would you have in the account after nine months? (Hint: To calculate the number of days, divide the number of months by 12 and multiply by 365.) $18,263.73 $18,828.59 $19,205.16 $19,581.73
Can you solve this problem? If you open a savings account that earns 7.5% simple interest per year, what is the minimum number of years you must wait to double your balance? Suppose you open another account that earns 7% interest compounded yearly. How many years will it take now to double your balance.
You want to be able to withdraw $25,000 each year for 20 years. Your account earns 10% interest. A.How much do you need in your account at the beginning? b) How much total money will you pull out of the account? c) How much of that money is interest?
Use the following information to answer the question that follows: 5 years ago Mayra began depositing money into a bank account every quarter that earns 6% compounded quarterly. The account now has $6000 in it. How much did Mayra deposit into the account quarterly? For the question above, what is the value of r ? r=0.6 r=0.015 r=6 r=24 r=0.06
Suppose you found a CD that pays 2.5% interest compounded monthly for 3 years. If you deposit $11,000 now, how much will you have in the account in 3 years? (Round to the nearest cent.) What was the interest earned? (Round to the nearest cent.) Now suppose that you would like to have $20,000 in the account in 3 years. How much would you need to deposit now? (Round to the nearest cent.) $ Question Help: Video 1 Video 2 Submit Question Q Search
Ten years ago, you deposited P5400 per month. You made the deposit for 6 years and then stopped. 4 years later, you established a belts and nuts factory, and start withdrawing P2300 every month for advertisement. Money is worth 6% compounded monthly. How many months can you withdraw before the money is exhausted? What is the present worth of the withdrawal?(kindly give tye given, complete and detailed solution. Thank you)