Don Jose deposited ₱5,000,000 on a bank that earns 10% compounded annually. Five years later he died. His will states that his beneficiary is an orphanage which will be receiving the money in...

Don Jose deposited ₱5,000,000 on a bank that earns 10% compounded annually. Five years later he died. His will states that his beneficiary is an orphanage which will be receiving the money in perpetuity a year after he died. How much is the yearly fund the orphanage will be receiving?

Jun 02, 2022
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