Mr. and Mrs. Revilla decided to sell their house and to deposit the fund in a bank. After computing the interest, they found out that they may withdraw 350,000 yearly for 9 years starting at the end of 6 years when their child will be in college. How much is the fund deposited if the interest rate is 5% converted annually?
Mr. and Mrs. Revilla decided to sell their house and to deposit the fund in a bank. After computing the interest, they found out that they may withdraw 350,000 yearly for 9 years starting at the end of 6 years when their child will be in college. How much is the fund deposited if the interest rate is 5% converted annually?
Excel Applications for Accounting Principles
4th Edition
ISBN:9781111581565
Author:Gaylord N. Smith
Publisher:Gaylord N. Smith
Chapter27: Time Value Of Money (compound)
Section: Chapter Questions
Problem 6E
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Mr. and Mrs. Revilla decided to sell their house and to deposit the fund in a bank. After computing the interest, they found out that they may withdraw 350,000 yearly for 9 years starting at the end of 6 years when their child will be in college. How much is the fund deposited if the interest rate is 5% converted annually?
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