An engineer plans to retire in exactly one year and wants an account that will pay him P31,000 a year for the next 14 years. Assuming a 6% annual effective rate, what is the amount he would need to deposit now? (The fund will be depleted after 14 years). O P 288, 144.50 OP 288, 414.50 P 288, 441.50 O P 288, 114.50
An engineer plans to retire in exactly one year and wants an account that will pay him P31,000 a year for the next 14 years. Assuming a 6% annual effective rate, what is the amount he would need to deposit now? (The fund will be depleted after 14 years). O P 288, 144.50 OP 288, 414.50 P 288, 441.50 O P 288, 114.50
Chapter5: The Time Value Of Money
Section: Chapter Questions
Problem 25P
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Transcribed Image Text:An engineer plans to retire in exactly one year and wants an account that will pay him $31,000 a year for the next 14
years. Assuming a 6% annual effective rate, what is the amount he would need to deposit now? (The fund will be
depleted after 14 years).
OP 288, 144.50
P 288, 414.50
O P 288, 441.50
OP 288, 114.50
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