The sum of P4200 will be withdrawn from a fund at 3-month intervals, the first withdrawal to be made 3 months hence. The principal in the fund at present is P48,000, and the interest rate of the fund is 7 percent per quarterly period. How many withdrawals can be made, if it is necessary to maintain a minimum balance of P6000 in the fund? Round your final answer to 4 decimal places, do not round your intermediate solutions.

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Present Value

Present value (PV) is defined as the current or present value of all future sums of cash flow or money at a specified rate of return. This rate of return is known as the discounted rate, which is essentially the interest rate, discounted over some time. The expected cash flows are discounted at a discount rate to compute the present value. The higher the discount rate, the higher the future value (FV), but the lower the present value.