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To secure a perpetual quarterly income, a man invests 500,000 pesos at 8
To secure a perpetual quarterly income, a man invests 500,000 pesos at 8.5% compounded quarterly. Find the quarterly income.
Expert Solution
We can calculate the quarterly income by using the following formula in excel:-
=pmt(rate,nper,-pv,fv)
Here,
Pmt = Quarterly income
Rate = 8.5%/4 = 2.125% (quarterly)
Nper = 4 periods (quarterly)
PV = 500,000
FV = 0
Substituting the values in formula:
= pmt(2.125%,4,-500000,0)
= 131,710.43 pesos
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