P20,000 for 10 years with the first payment to be made one year after his retirement. The supervisor, instead, requested that he be paid a lump sum, on the date of his retirement, having less interest that the company would have earned if the gratuity is to be paid in yearly basis

P20,000 for 10 years with the first payment to be made one year after his retirement. The supervisor, instead, requested that he be paid a lump sum, on the date of his retirement, having less interest that the company would have earned if the gratuity is to be paid in yearly basis

Engineering Fundamentals: An Introduction to Engineering (MindTap Course List)

5th Edition

ISBN:9781305084766

Author:Saeed Moaveni

Publisher:Saeed Moaveni

Chapter20: Engineering Economics

Section: Chapter Questions

Problem 26P

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Question

For having been loyal, trustworthy, and efficient, the company has offered a superior yearly gratuity pay of P20,000 for 10 years with the first payment to be made one year after his retirement. The supervisor, instead, requested that he be paid a lump sum, on the date of his retirement, having less interest that the company would have earned if the gratuity is to be paid in yearly basis. If interest is 15%, what is the equivalent lump sum that he could get?

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