Your uncle Harry Potter started allotting ₱60000 at the end of each year for 25 years. One year after the saving period is over, your uncle withdrew ₱225000 every year for 5 years. In addition, in the 6th and 7th years, uncle Harry withdrew ₱150000 per year and in the 8th year he chose to withdraw the outstanding amount in his bank account. What was the amount of money he withdrew during the end of the 8th year if the stipulated interest rate is 5%?
Your uncle Harry Potter started allotting ₱60000 at the end of each year for 25 years. One year after the saving period is over, your uncle withdrew ₱225000 every year for 5 years. In addition, in the 6th and 7th years, uncle Harry withdrew ₱150000 per year and in the 8th year he chose to withdraw the outstanding amount in his bank account. What was the amount of money he withdrew during the end of the 8th year if the stipulated interest rate is 5%?
Chapter5: The Time Value Of Money
Section: Chapter Questions
Problem 14P
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Your uncle Harry Potter started allotting ₱60000 at the end of each year for 25 years. One year after the saving period is over, your uncle withdrew ₱225000 every year for 5 years. In addition, in the 6th and 7th years, uncle Harry withdrew ₱150000 per year and in the 8th year he chose to withdraw the outstanding amount in his bank account. What was the amount of money he withdrew during the end of the 8th year if the stipulated interest rate is 5%?
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