The Philippine Institute of Civil Engineers desires to award a P3,600 scholarship annually to deserving students for as long as its scholarship fund shall last. The fund was started on July 1, 1977 by a donor in the amount of P18,000. The PICE invested this sum at that time at 8% per annum and plans on adding P600 each year to the fund from its dues starting July 1, 1978, for as long as awards are made. 2. For how many years starting July 1, 1978, can the scholarship be awarded? 3. What will be the balance in the fund after the last award is made?

The Philippine Institute of Civil Engineers desires to award a P3,600 scholarship annually to deserving students for as long as its scholarship fund shall last. The fund was started on July 1, 1977 by a donor in the amount of P18,000. The PICE invested this sum at that time at 8% per annum and plans on adding P600 each year to the fund from its dues starting July 1, 1978, for as long as awards are made. 2. For how many years starting July 1, 1978, can the scholarship be awarded? 3. What will be the balance in the fund after the last award is made?

Financial Accounting Intro Concepts Meth/Uses

14th Edition

ISBN:9781285595047

Author:Weil

Publisher:Weil

ChapterA: Appendix - Time Value Of Cash Flows: Compound Interest Concepts And Applications

Section: Chapter Questions

Problem 23E

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