3. Starting on her 30th birthday, a women invests x pesos every year on her birthday in an account that grows at an annual effective interest rate of 7%. What should x be if she wants this fund to grow to Php 400,000 just before her 65th birthday?

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 11E
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3. Starting on her 30th birthday, a women
invests x pesos every year on her birthday
in an account that grows at an annual
effective interest rate of 7%. What should x
be if she wants this fund to grow to Php
400,000 just before her 65th birthday?
Transcribed Image Text:3. Starting on her 30th birthday, a women invests x pesos every year on her birthday in an account that grows at an annual effective interest rate of 7%. What should x be if she wants this fund to grow to Php 400,000 just before her 65th birthday?
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