A man wishes to have P10,000.00 when he retires 20 years from now. If he can expect to receive 4% annual interest, how much he set aside in each of 20 equal annual payment beginning on the first day of the month?
A man wishes to have P10,000.00 when he retires 20 years from now. If he can expect to receive 4% annual interest, how much he set aside in each of 20 equal annual payment beginning on the first day of the month?
Chapter5: The Time Value Of Money
Section: Chapter Questions
Problem 24P
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Transcribed Image Text:A man wishes to have P10,000.00 when he retires 20 years from now. If he can expect to receive 4%
annual interest, how much he set aside in each of 20 equal annual payment beginning on the first
day of the month?
O a. P352.90
O b. P382.90
O c. P322.90
O d. P328.90
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