Myrna is 50 years old now. She plans to retire at age 65. She wants to have half a million pesos at the end of her retirement An investment company offered her a portfolio that will give her an interest rate of 8% per annum. Assuming ordinary annuity, how much does she have to pay per month so that she will be a half-millionaire when she retires .

EBK CONTEMPORARY FINANCIAL MANAGEMENT
14th Edition
ISBN:9781337514835
Author:MOYER
Publisher:MOYER
Chapter5: The Time Value Of Money
Section: Chapter Questions
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Myrna is 50 years old now. She plans to retire at age 65. She wants to have half a million pesos at the end of her retirement An investment company offered her a portfolio that will give her an interest rate of 8% per annum. Assuming ordinary annuity, how much does she have to pay per month so that she will be a half-millionaire when she retires .

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