Mr. Cruz deposited P150,000.00 now, so that his 2 years old daughter will receive 5 equal amounts of money yearly, starting on her 17th birthday. If money earns 12% compounded annually, how much will the girl receive yearly?

Financial Accounting Intro Concepts Meth/Uses
14th Edition
ISBN:9781285595047
Author:Weil
Publisher:Weil
ChapterA: Appendix - Time Value Of Cash Flows: Compound Interest Concepts And Applications
Section: Chapter Questions
Problem 13E
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Mr. Cruz deposited P150,000.00 now, so that his 2 years old daughter will receive 5 equal amounts of money yearly, starting on her 17th birthday. If money earns 12% compounded annually, how much will the girl receive yearly?

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