You would like to retire with P1 million on your 60th birthday. If you start saving equal annual amounts on your 26th birthday, make your last deposit on your 60th birthday, and earn 10% interest on your money, how much must you invest each year to achieve your goal? a.P3,343.06 b.P3,436.14 c.P3,558.41 d.P3,689.71

Financial Accounting Intro Concepts Meth/Uses
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ISBN:9781285595047
Author:Weil
Publisher:Weil
ChapterA: Appendix - Time Value Of Cash Flows: Compound Interest Concepts And Applications
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5. You would like to retire with P1 million on your 60th birthday. If you start saving equal annual amounts on your 26th birthday, make your last deposit on your 60th birthday, and earn 10% interest on your money, how much must you invest each year to achieve your goal?
a.P3,343.06
b.P3,436.14
c.P3,558.41
d.P3,689.71

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