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 P6,738.80 P6,688.63 P25,671.26

College Algebra
1st Edition
ISBN:9781938168383
Author:Jay Abramson
Publisher:Jay Abramson
Chapter6: Exponential And Logarithmic Functions
Section: Chapter Questions
Problem 5RE: A retirement account is opened with an initialdeposit of 8,500 and earns 8.12 interest compounded...
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Bob has saved a total of P2,550,0o00.00 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
O P25,671.26
Transcribed Image Text:Bob has saved a total of P2,550,0o00.00 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 O P25,671.26
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