Starting next year, you will need Php120,000 annually for three years to complete your education. (One year from today you will wit Php120,000.) Your uncle deposits an amount today in a bank paying 5% annual interest (net of all charges and fees), which will provide the needed Php120,000 payments. raw the first 1) How large must the deposit be? 2) How much will be in the account immediately after you make the first withdrawal?

Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018
18th Edition
ISBN:9780079039897
Author:Carter
Publisher:Carter
Chapter7: Exponents And Exponential Functions
Section: Chapter Questions
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Starting next year, you will need Php120,000 annually for three years to complete your education. (One year from today you will withdraw the first
Php120,000.) Your uncle deposits an amount today in a bank paying 5% annual interest (net of all charges and fees), which will provide the needed
Php120,000 payments.
1) How large must the deposit be?
2) How much will be in the account immediately after you make the first withdrawal?
(Detail all relavant assumptions and solutions.)
Transcribed Image Text:Starting next year, you will need Php120,000 annually for three years to complete your education. (One year from today you will withdraw the first Php120,000.) Your uncle deposits an amount today in a bank paying 5% annual interest (net of all charges and fees), which will provide the needed Php120,000 payments. 1) How large must the deposit be? 2) How much will be in the account immediately after you make the first withdrawal? (Detail all relavant assumptions and solutions.)
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