Engr. Maragat, believing that life begins at 40, decided to retire and start enjoying life at age 40. He wishes to have upon his retireme the sum of P5,000,000. On his 21st birthday, he deposited a certain amount and increased his deposit by 15% each year until he wil be 40. If the money is deposited in a super savings account which earns 15% interest compounded annually, how much was his init deposit? Şelect the cerrect response:

Engr. Maragat, believing that life begins at 40, decided to retire and start enjoying life at age 40. He wishes to have upon his retireme the sum of P5,000,000. On his 21st birthday, he deposited a certain amount and increased his deposit by 15% each year until he wil be 40. If the money is deposited in a super savings account which earns 15% interest compounded annually, how much was his init deposit? Şelect the cerrect response:

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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