You are planning to accumulate P2.5M in your personal savings account by the time you retires at 60. The longer you will stalls on getting started, the tougher it will be to meet her objective. Let's assume you are now 25 years old. Create a spreadsheet to complete the following table to show how much you will have to save each year (assuming you waits N years to start saving) to have P2.5M in your account when you are 60. Comment on the pattern you observe in the table given below. Interest rate per year 8% N-5 N= 10 N= 15 4% 12%
You are planning to accumulate P2.5M in your personal savings account by the time you retires at 60. The longer you will stalls on getting started, the tougher it will be to meet her objective. Let's assume you are now 25 years old. Create a spreadsheet to complete the following table to show how much you will have to save each year (assuming you waits N years to start saving) to have P2.5M in your account when you are 60. Comment on the pattern you observe in the table given below. Interest rate per year 8% N-5 N= 10 N= 15 4% 12%
Pfin (with Mindtap, 1 Term Printed Access Card) (mindtap Course List)
7th Edition
ISBN:9780357033609
Author:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk
Publisher:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk
Chapter4: Managing Your Cash And Savings
Section: Chapter Questions
Problem 7FPE: Calculating interest earned and future value of savings account. If you put 6,000 in a savings...
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Transcribed Image Text:5. Spreadsheet Exercise
You are planning to accumulate P2.5M in your personal savings account by the
time you retires at 60.
The longer you will stalls on getting started, the tougher it will be to meet her
objective. Let's assume you are now 25 years old.
Create a spreadsheet to complete the following table to show how much you will
have to save each year (assuming you waits N years to start saving) to have P2.5M
in your account when you are 60.
Comment on the pattem you observe in the table given below.
Interest rate per year
N-5
N= 10
N= 15
N- 20
4%
8%
12%
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