A young woman, 22 years old has just graduated from college. She accepts a good job and desires to establish her own retirement fund. At the end of each year thereafter she plans to deposit P2,000 in a fund at 15% annual interest: How old will she be when the fund has a cumulated value of P1,000,000? Include the cashflow diagram.
A young woman, 22 years old has just graduated from college. She accepts a good job and desires to establish her own retirement fund. At the end of each year thereafter she plans to deposit P2,000 in a fund at 15% annual interest: How old will she be when the fund has a cumulated value of P1,000,000? Include the cashflow diagram.
Chapter15: Mutual And Exchange Traded Funds
Section: Chapter Questions
Problem 3LTAI
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A young woman, 22 years old has just graduated from college. She accepts a good job and desires to establish her own retirement fund. At the end of each year thereafter she plans to deposit P2,000 in a fund at 15% annual interest: How old will she be when the fund has a cumulated value of P1,000,000? Include the cashflow diagram.
Ans. 53 years old
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