On the 40th birthday, Mr. Ramos decided to buy a pension plan for himself. This plan will allow him to claim P10,000.00 quarterly for 5 years starting 3 months after his 60th birthday. What one-time payment should he make on his
40th birthday to pay off his pension plan, if the interest rate is 8% compounded quarterly?​

The amount of one-time payment should he make on his 40th birthday to pay off his pension plan is P32,880.77.

Step-by-step explanation:

Step 1: Calculation of present value on 3 months after his 60th birthday

The present value on 3 months after his 60th birthday can be calculated using the formula for calculating the present value of an ordinary annuity as follows:

PV60 = Q * ((1 - (1 / (1 + r))^n) / r) …………………………………. (1)

Where;

PV60 = present value on 3 months after his 60th birthday = ?

Q = quarterly claim = P10,000

r = quarterly interest rate = annual interest rate / 4 = 8% / 4 = 0.08 / 4 = 0.02

n = number of quarters = number of years * Number of quarters in a year = 5 * 4 = 20

Substitute the values into equation (1), we have:

PV60 =  P10,000 * ((1 - (1 / (1 + 0.02))^20) / 0.02)

PV60 = P10,000 * 16.3514333445971

PV60 = P163,514.33  

Step 2: Calculation of one-time payment on his 40th birthday

The one-time payment can be calculated using the formula the following formula:

PV = PV60 / (1 + r)^n (2)

Where;

PV = Present value or One-time payment = ?

PV60 = present value on 3 months after his 60th birthday = P163,514.33

r = quarterly interest rate = annual interest rate / 4 = 8% / 4 = 0.08 / 4 = 0.02

n = number of quarters from 40th to 3 months after his 60th birthday = (number of years * Number of quarters in a year) + One quarter = (20 * 4) + 1 = 81

Substitute the values into equation (2), we have:

PV = P163,514.33 / (1 + 0.02)^81 = P32,880.77

Therefore, the amount of one-time payment should he make on his 40th birthday to pay off his pension plan is P32,880.77.

answer: given that the roller coaster can accommodate 1600 riders per hour, thus the roller coaster can accomodate 1600 / 60 = 26.67 riders per minute.

given that there are 345 people in the line, the number of minutes it will take for the 345 persons to get into the roller coaster is given by 345 / 26.67 = 12.94 minutes.

therefore, it will take you 12.94 minutes to get to the front of the line.

step-by-step explanation:

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