Sam started working for the LED company on his 25th Birthday. Each month P30 was withheld from his salary and matched by an equal contribution from his employer, to be kept into a retirement fund. At the end of each year the contributions for the year were invested in a trust fund where it earned 8% interest compounded annually. Pedro retired on his 60th birthday and elected to receive an annuity of 20 annual payments, the first to be received immediately. What was the amount of each payment? DRAW THE CASH FLOW DIAGRAM. Use 4 decimal places in between process and 2 decimal for the final answer kindly substitute the values on the formula you're going to use
Sam started working for the LED company on his 25th Birthday. Each month P30 was withheld from his salary and matched by an equal contribution from his employer, to be kept into a retirement fund. At the end of each year the contributions for the year were invested in a trust fund where it earned 8% interest compounded annually. Pedro retired on his 60th birthday and elected to receive an annuity of 20 annual payments, the first to be received immediately. What was the amount of each payment? DRAW THE CASH FLOW DIAGRAM. Use 4 decimal places in between process and 2 decimal for the final answer kindly substitute the values on the formula you're going to use
Chapter2: Gross Income And Exclusions
Section: Chapter Questions
Problem 13P
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Sam started working for the LED company on his 25th Birthday. Each month P30 was withheld from his salary and matched by an equal contribution from his employer, to be kept into a retirement fund. At the end of each year the contributions for the year were invested in a trust fund where it earned 8% interest compounded annually. Pedro retired on his 60th birthday and elected to receive an annuity of 20 annual payments, the first to be received immediately. What was the amount of each payment? DRAW THE CASH FLOW DIAGRAM.
Use 4 decimal places in between process and 2 decimal for the final answer
kindly substitute the values on the formula you're going to use. Thankyouu
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