deposit P5,000 at the beginning of every year into an investment which earns 16% interest per year for four years. You then withdraw all your money two years after your final deposit. How many pair of shoes will you be able to buy using this money if the average cost of each pair is P4,000

deposit P5,000 at the beginning of every year into an investment which earns 16% interest per year for four years. You then withdraw all your money two years after your final deposit. How many pair of shoes will you be able to buy using this money if the average cost of each pair is P4,000

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter5: The Time Value Of Money

Section: Chapter Questions

Problem 24P

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You deposit P5,000 at the beginning of every year into an investment which earns 16% interest per year for four years. You then withdraw all your money two years after your final deposit. How many pair of shoes will you be able to buy using this money if the average cost of each pair is P4,000?

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