8. A young man has decided to go into a business at age 40. He wishes to accumulate P200,000 at that age. On his twenty-fifth birthday he deposits a certain amount and will increase the deposit by 10% each year until the fortieth year. If the funds car be invested at 9.6% compounded annually, how much should his initial investment be?

8. A young man has decided to go into a business at age 40. He wishes to accumulate P200,000 at that age. On his twenty-fifth birthday he deposits a certain amount and will increase the deposit by 10% each year until the fortieth year. If the funds car be invested at 9.6% compounded annually, how much should his initial investment be?

Brief Principles of Macroeconomics (MindTap Course List)

8th Edition

ISBN:9781337091985

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter9: The Basic Tools Of Finance

Section: Chapter Questions

Problem 3CQQ

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