The officers and board of directors of the Chemical Engineers of the Philippines desires to award a P36,000 scholarship annually to deserving Chemical engineering students for as long as its scholarship fund shall last. The fund was started July 2002 by a donor in the amount of P180, 000. The officers invested this sum at that time at 8% per annum and plans on adding P6, 000 each year to fund its dues starting July 1, 2003 for as long as awards are made. For how many years starting July 1, 2003 can scholarship be awarded?
The officers and board of directors of the Chemical Engineers of the Philippines desires to award a P36,000 scholarship annually to deserving Chemical engineering students for as long as its scholarship fund shall last. The fund was started July 2002 by a donor in the amount of P180, 000. The officers invested this sum at that time at 8% per annum and plans on adding P6, 000 each year to fund its dues starting July 1, 2003 for as long as awards are made. For how many years starting July 1, 2003 can scholarship be awarded?
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
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The officers and board of directors of the Chemical Engineers of the Philippines desires to award a P36,000 scholarship annually to deserving Chemical engineering students for as long as its scholarship fund shall last. The fund was started July 2002 by a donor in the amount of P180, 000. The officers invested this sum at that time at 8% per annum and plans on adding P6, 000 each year to fund its dues starting July 1, 2003 for as long as awards are made. For how many years starting July 1, 2003 can scholarship be awarded?
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