A young man has decided to go into business at age 40. He wishes to accumulate P2, 000, 000 at that age. On his 25th birthday he deposits a certain amount and will increase the deposit by 10% each year until the fortieth year. If the funds can be invested at 9.6% compounded annually, how much should his initial investment be? a. P = P505,765.23 b. P P503,675.23 C. P d. P = %3D P503, 765.23 P505, 675.23

A young man has decided to go into business at age 40. He wishes to accumulate P2, 000, 000 at that age. On his 25th birthday he deposits a certain amount and will increase the deposit by 10% each year until the fortieth year. If the funds can be invested at 9.6% compounded annually, how much should his initial investment be? a. P = P505,765.23 b. P P503,675.23 C. P d. P = %3D P503, 765.23 P505, 675.23

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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