Bob has saved a total of P2,550,000.00 for retirement. He put the money in a mutual fund which pays 9% interest compounded monthly. How much should he withdraw each month in order to have enough money to last for 15 years? * P25,863.80 O P6,738.80 O P6,688.63 P25,671.26

EBK CFIN
6th Edition
ISBN:9781337671743
Author:BESLEY
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Chapter4: Time Value Of Money
Section: Chapter Questions
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Bob has saved a total of P2,550,000.00 for retirement. He put the money in a
mutual fund which pays 9% interest compounded monthly. How much should he
withdraw each month in order to have enough money to last for 15 years?
D P25,863.80
D P6,738.80
P6,688.63
O P25,671.26
Transcribed Image Text:Bob has saved a total of P2,550,000.00 for retirement. He put the money in a mutual fund which pays 9% interest compounded monthly. How much should he withdraw each month in order to have enough money to last for 15 years? D P25,863.80 D P6,738.80 P6,688.63 O P25,671.26
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