What will be the withdrawal amount at the end of the year

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Question - The sum of P 110,000.00 is invested now and left for 8 years, at which time, the principal is withdrawn. The interest that has accrued is left for another eight years. If the nominal interest rate is 5% compounded monthly, what will be the withdrawal amount at the end of the 16th year?

Reference no: EM133114031

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