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?
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?
Chapter2: Gross Income And Exclusions
Section: Chapter Questions
Problem 14MCQ
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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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