P30,000 worth of scholarship grant every year to selected engineering students. The initial amount worth P100,000 was deposited to the account on January 1, 2019 at 5% compounded semi-annually rate. Starting January 1, 2020, P10000 each year was added to the fund and lasted for as long as awards can be made. 1. For how many years starting January 1, 2020 can the scholarship last 2. What will be the balance in the fund after the last scholarshin fund was awarded

P30,000 worth of scholarship grant every year to selected engineering students. The initial amount worth P100,000 was deposited to the account on January 1, 2019 at 5% compounded semi-annually rate. Starting January 1, 2020, P10000 each year was added to the fund and lasted for as long as awards can be made. 1. For how many years starting January 1, 2020 can the scholarship last 2. What will be the balance in the fund after the last scholarshin fund was awarded

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 22E

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