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