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An amount of P 250,000 is now deposited into a savings account that earns 12% compounded...

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Civil Engineering

An amount of P 250,000 is now deposited into a savingsaccount that earns 12% compounded continuously for the schoolrequirements of a civil engineering student on the succeeding 5years from now. If the every year the student will withdraw P51,651 from this account, how many years would the depositlasts?

Answer & Explanation Solved by verified expert
3.7 Ratings (520 Votes)
The Initial amount P 250000 The compound interest rate r is 12 and for succeeding 5 years The amount that the student withdraw every year P 51651 Compounded annually P Pintial 1r n So for the first year the amount    See Answer
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