Engr. Hermo, believing that life begins at 40, decided to retire and start enjoying life at age 40. he wishes to have upon his retirement the sum of P5,000,000. on his 21stbirthday, he deposited a certain amount and increased his deposit by 15% each year until he will be 40. if the money is deposited in a super savings account which earns 15% interest compounded annually. How much was his initial deposit?

Engr. Hermo, believing that life begins at 40, decided to retire and start enjoying life at age 40. he wishes to have upon his retirement the sum of P5,000,000. on his 21stbirthday, he deposited a certain amount and increased his deposit by 15% each year until he will be 40. if the money is deposited in a super savings account which earns 15% interest compounded annually. How much was his initial deposit?

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