1.    Mr. Tan  is planning to retire in 20 years. He can deposit money at 12% compounded quarterly. What deposit must he make at the end of each quarter until he retires so that he can make a withdrawal of P 55,000 semiannually over five years after his retirement? Assume that his first withdrawal occurs at the end of six months after his retirement.

 

2.    Jack deposits his annual bonus into a savings account that pays 8% interest compounded annually. His bonus increases by P 1,500 each year, and the initial bonus amount is P 8,000. Determine how much money will be in Jack’s account immediately after the 10th deposit.

 

Answer rating: 100% (QA)

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