Kathryn, believing that life begins at 40, decided to retire and start enjoying life ar age of 40. She wishes to have upon her retirement a sum of P5M. On her 21st birthday, she deposited and increased her deposit by 15% each year until she will be 40. if the money is deposited in a super savings account which earns 15% compounded annually, how much was her initial deposit?

Income Tax Fundamentals 2020
38th Edition
ISBN:9780357391129
Author:WHITTENBURG
Publisher:WHITTENBURG
Chapter2: Gross Income And Exclusions
Section: Chapter Questions
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Kathryn, believing that life begins at 40, decided to retire and start enjoying life ar age of 40. She wishes to have upon her retirement a sum of P5M. On her 21st birthday, she deposited and increased her deposit by 15% each year until she will be 40. if the money is deposited in a super savings account which earns 15% compounded annually, how much was her initial deposit?

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