Engr. Secula started saving ₱2000.00 each year for 25 years until his retirement at 65 years old. A year after he retired, he withdrew ₱10000.00 for a period of 5 years. In the ninth and tenth years, he decided to only withdrew ₱5000.00 per year. In the twelfth year,

Financial Accounting Intro Concepts Meth/Uses
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ISBN:9781285595047
Author:Weil
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ChapterA: Appendix - Time Value Of Cash Flows: Compound Interest Concepts And Applications
Section: Chapter Questions
Problem 14E
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1. Engr. Secula started saving ₱2000.00 each year for 25 years until his retirement at 65
years old. A year after he retired, he withdrew ₱10000.00 for a period of 5 years. In the ninth and tenth years, he decided to only withdrew ₱5000.00 per year. In the twelfth year, he withdraws the remaining money in his account. If the interest rate was 9% per year:


a) Draw the Cash flow diagram with function symbols. 
b) What was the final withdrawal from his account?

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