ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN: 9780190931919
Author: NEWNAN
Publisher: Oxford University Press
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Chapter 6, Problem 6P
To determine

To calculate: The amount to be invested by Mr. D to become a millionaire at the age of 60 years.

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A man wishes to accumulate a total of 500,000P at the age of 30. On his 20thbirthday, he deposited a certain amount of money at a rate of 12% per annum. If he increases his deposit by 10% each year until the 30th birthday, how much should his initial deposit be?
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