On the first day of the year, a man deposits ₱1,000 in a bank at 8% per year compounded annually. He withdraws ₱80 at the end of the first year, ₱90 at the end of the second year, and the remaining balance at the end of the third year. How much does he withdraw at the end of the third year?
On the first day of the year, a man deposits ₱1,000 in a bank at 8% per year compounded annually. He withdraws ₱80 at the end of the first year, ₱90 at the end of the second year, and the remaining balance at the end of the third year. How much does he withdraw at the end of the third year?
Chapter5: The Time Value Of Money
Section: Chapter Questions
Problem 24P
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On the first day of the year, a man deposits ₱1,000 in a bank at 8% per year
compounded annually. He withdraws ₱80 at the end of the first year, ₱90 at the end of
the second year, and the remaining balance at the end of the third year. How much does
he withdraw at the end of the third year?
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