Engr. Secula started saving ₱2000.00 each year for 25 years until his retirement at 65 years old. A year after he retired, he withdrew ₱10000.00 for a period of 5 years. In the ninth and tenth years, he decided to only withdrew ₱5000.00 per year. In the twelfth year,
Engr. Secula started saving ₱2000.00 each year for 25 years until his retirement at 65 years old. A year after he retired, he withdrew ₱10000.00 for a period of 5 years. In the ninth and tenth years, he decided to only withdrew ₱5000.00 per year. In the twelfth year,
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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1. Engr. Secula started saving ₱2000.00 each year for 25 years until his retirement at 65
years old. A year after he retired, he withdrew ₱10000.00 for a period of 5 years. In the ninth and tenth years, he decided to only withdrew ₱5000.00 per year. In the twelfth year, he withdraws the remaining money in his account. If the interest rate was 9% per year:
a) Draw the
b) What was the final withdrawal from his account?
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