s ago, Thomasian Engineer TE had P5,000,000.00 in his UST Security Bank (USTSB) Account. Last month, TE also deposited in USTSB the sum of P300,000.00. Considering that USTSB Employees are courteous and cheerful, he again deposited today P400,000.00 to his account. Because of the educational needs of his chosen scholars, he plans to withdraw an amount, X, starting 5 months from today. He will also withdraw the same amount for the succeeding 6 months or up to August 2023. If his plan is to have a remaining outstanding balance of P4,500,000.00 at the end of November 2023, what do you think will be the value of X? Use i = 12% Compounded Monthly.
s ago, Thomasian Engineer TE had P5,000,000.00 in his UST Security Bank (USTSB) Account. Last month, TE also deposited in USTSB the sum of P300,000.00. Considering that USTSB Employees are courteous and cheerful, he again deposited today P400,000.00 to his account. Because of the educational needs of his chosen scholars, he plans to withdraw an amount, X, starting 5 months from today. He will also withdraw the same amount for the succeeding 6 months or up to August 2023. If his plan is to have a remaining outstanding balance of P4,500,000.00 at the end of November 2023, what do you think will be the value of X? Use i = 12% Compounded Monthly.
Chapter4: Gross Income: Concepts And Inclusions
Section: Chapter Questions
Problem 55P
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Two months ago, Thomasian Engineer TE had P5,000,000.00 in his UST Security Bank (USTSB) Account. Last month, TE also deposited in USTSB the sum of P300,000.00. Considering that USTSB Employees are courteous and cheerful, he again deposited today P400,000.00 to his account. Because of the educational needs of his chosen scholars, he plans to withdraw an amount, X, starting 5 months from today. He will also withdraw the same amount for the succeeding 6 months or up to August 2023. If his plan is to have a remaining outstanding balance of P4,500,000.00 at the end of November 2023, what do you think will be the value of X? Use i = 12% Compounded Monthly.
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