Chapter5: The Time Value Of Money
Section: Chapter Questions
Problem 14P
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interest rate at 5%?
Transcribed Image Text:Your uncle Harry Potter started allotting P60,000 at the end of each year for 25 years. One
year after the saving period is over, your uncle withdrew P225,000 every year for 5 years.
In addition, in the 6th and 7th years, uncle Harry withdrew P150,000 per year and in the
8th year, he chose to withdraw the outstanding amount in his bank account. What was the
amount of money he withdrew during the end of the 8th year if the stipulated interest rate
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