1. Josiah, a fisherman, won a local lottery game. After reserving a portion of his winning for his family's immediate expenses, he is left with P 150,000.00. He decided to put this in an account providing 3% interest compounded monthly. He also plans to let the money grow for 5 and then make equal monthly withdrawals for another 5 years until the years, money is the account is deleted. How much should be his monthly withdrawals?

1. Josiah, a fisherman, won a local lottery game. After reserving a portion of his winning for his family's immediate expenses, he is left with P 150,000.00. He decided to put this in an account providing 3% interest compounded monthly. He also plans to let the money grow for 5 and then make equal monthly withdrawals for another 5 years until the years, money is the account is deleted. How much should be his monthly withdrawals?

Pfin (with Mindtap, 1 Term Printed Access Card) (mindtap Course List)

7th Edition

ISBN:9780357033609

Author:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Publisher:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Chapter14: Planning For Retirement

Section: Chapter Questions

Problem 8FPE

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