A new civil engineer employee start a savings plan in which he saves P 10,000 each year for 15 years. He makes her first payment at age 22 and after paying for 15 years she leaves the accumulated sum in the savings plan until she reach age 65. If the savings plan pays 10% per year, how much will be in the savings account when she age 65?
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4. A new civil engineer employee start a savings plan in which he saves P 10,000 each
year for 15 years. He makes her first payment at age 22 and after paying for 15 years
she leaves the accumulated sum in the savings plan until she reach age 65. If the
savings plan pays 10% per year, how much will be in the savings account when she
age 65?
5. Mr. Jo needs P 4,000,000 immediately to pay for a new home. Having insufficient
fund for this, he borrows P 2,000,000 from an insurance company and repay the loan
every six months for 15 years, the first payment being at the end of 8 years from now.
If the insurance company charged him 8% compounded semiannually, how much is
the amount of each payment?
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