1.A debt of P40,000, whose interest rate is 15% compounded semiannually, is to be discharged by a series of 10 semiannual payments, the first payment to be made 6 months after consumption of the loan. The first 6 payments will be P6,000 each, while the remaining 4 payments will be equal and such amount that the final payment will liquidate the debt. What is the amount of the last 4 payments?
1.A debt of P40,000, whose interest rate is 15% compounded semiannually, is to be discharged by a series of 10 semiannual payments, the first payment to be made 6 months after consumption of the loan. The first 6 payments will be P6,000 each, while the remaining 4 payments will be equal and such amount that the final payment will liquidate the debt. What is the amount of the last 4 payments?
2. An engineer currently has nothing saved for his retirement, which will start 6 years from today. He wants to receive P68,500 each year for 5 years during retirement. The first of these payments will be received 6 years from today. He can earn a return of 7.6% per year in his account. How much does this engineer need to save each year for 6 years to have exactly enough to meet his retirement goal if he makes his first contribution to savings one year from today and all contributions are equal?
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