an engineer planning for retirement settles on a P87,000 annual income ext 20 years, with the first withdrawal taking place 30 years from now. etirement account produces 8% yearly income, the annual amount she ave to invest for 29 years starting 1 year from today is closest to

EBK CONTEMPORARY FINANCIAL MANAGEMENT
14th Edition
ISBN:9781337514835
Author:MOYER
Publisher:MOYER
Chapter5: The Time Value Of Money
Section: Chapter Questions
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An engineer planning for retirement settles on a P87,000 annual income for the
next 20 years, with the first withdrawal taking place 30 years from now. If her
retirement account produces 8% yearly income, the annual amount she would
have to invest for 29 years starting 1 year from today is closest to
O P7,360
OP8,215
P9,445
P8,670
Transcribed Image Text:An engineer planning for retirement settles on a P87,000 annual income for the next 20 years, with the first withdrawal taking place 30 years from now. If her retirement account produces 8% yearly income, the annual amount she would have to invest for 29 years starting 1 year from today is closest to O P7,360 OP8,215 P9,445 P8,670
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