The sum of P4200 will be withdrawn from a fund at 3-month intervals, the first withdrawal to be made 3 months hence. The principal in the fund at present is P48,000, and the interest rate of the fund is 7 percent per quarterly period. How many withdrawals can be made, if it is necessary to maintain a minimum balance of P6000 in the fund? Round your final answer to 4 decimal places, do not round your intermediate solutions.

The sum of P4200 will be withdrawn from a fund at 3-month intervals, the first withdrawal to be made 3 months hence. The principal in the fund at present is P48,000, and the interest rate of the fund is 7 percent per quarterly period. How many withdrawals can be made, if it is necessary to maintain a minimum balance of P6000 in the fund? Round your final answer to 4 decimal places, do not round your intermediate solutions.

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

ChapterM: Time Value Of Money Module

Section: Chapter Questions

Problem 10RE: If 90,000 is invested in a fund on December 31, 2019, and 5 equal annual withdrawals of 23,138.32...

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