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Solution: What is the amount that will be available in two years?

(Last Updated On: January 9, 2020)

What is the amount that will be available in two years?

Problem Statement: EE Board April 1997

Mr. Cruz plans to deposit for the education of his 5 years old son, P500 at the end of each month for 10 years at 12% annual interest compounded monthly. The amount that will be available in two years is:

  • A. P13,100.60
  • B. P13,589.50
  • C. P13,982.80
  • D. P13,486.70

Problem Answer:

The amount that will be available in two years is P13,486.70.

Solution:

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Solution: What is the amount that will be available in two years?

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