11. A man deposited P6,000 at a rate of 10% per annum. However, to add more fund, he deposits P500 per year that started one year after he deposited the P6,000. If he is withdrawing P1,500 per year for his expenses, for how long will the fund last and what will be the balance in the fund after the last withdrawal was made?

11. A man deposited P6,000 at a rate of 10% per annum. However, to add more fund, he deposits P500 per year that started one year after he deposited the P6,000. If he is withdrawing P1,500 per year for his expenses, for how long will the fund last and what will be the balance in the fund after the last withdrawal was made?

Financial Accounting Intro Concepts Meth/Uses

14th Edition

ISBN:9781285595047

Author:Weil

Publisher:Weil

ChapterA: Appendix - Time Value Of Cash Flows: Compound Interest Concepts And Applications

Section: Chapter Questions

Problem 23E

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