Problem Statement: Engineering Economics
Compound Interest Problem SolvingA student plans to deposit P1,500 in the bank now and another P3,000 for the next 2 years. If he plans to withdraw P5,000 three years from after his last deposit for the purpose of buying shoes, what will be the amount of money left in the bank after one year of his withdrawal? Effective annual interest rate is 10%.
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A. P1,549.64
B. P1,459.64
C. P1,345.98
D. P1,945.64
Problem Answer:
The amount of money left in the bank after one year of his withdrawal is equal to P1,549.64.
View Solution:
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