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How much is left in the fund to be passed on the heirs

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Problem - Engr. Juan Tamad inherited P280,000 on his birthday. This he placed in his own pension fund (bank account) which earn interest at 12% compounded annually. He withdraws P450,000 on his 35" birthday to make the initial payment on a house. He drew his annual uniform payment for the pension fund on his 65" birthday and planned to make 20 such withdrawals so as to just exhaust the fund. He died at the age of 71, however just before withdrawing the amount due on that date. How much is left in the fund to be passed on the heirs at the time of Juan's death?

Reference no: EM132879808

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