A civil engineer, 22 years old, has just graduated from college and passed the board exams. He accepts a good job and desires to establish his own retirement fund. At the end of each year thereafter he plans to deposit Php 2,000 in a fund at 15% annual interest. How old will he be when the fund has an accumulated value of Php 1,000,000?
A civil engineer, 22 years old, has just graduated from college and passed the board exams. He accepts a good job and desires to establish his own retirement fund. At the end of each year thereafter he plans to deposit Php 2,000 in a fund at 15% annual interest. How old will he be when the fund has an accumulated value of Php 1,000,000?
Chapter2: Loads On Structures
Section: Chapter Questions
Problem 1P
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A civil engineer, 22 years old, has just graduated from college and passed the board exams. He accepts a good job and desires to establish his own retirement fund. At the end of each year thereafter he plans to deposit Php 2,000 in a fund at 15% annual interest. How old will he be when the fund has an accumulated value of Php 1,000,000?
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