On the first day of the year, a woman deposits P50,000 in a bank at 10% per year, compounded annually. She withdraws P4,000 at the end of the first year, P4,500 at the end of the second year, and the remaining balance at the end of the third year. How much does she withdraw at the end of the third year?
On the first day of the year, a woman deposits P50,000 in a bank at 10% per year, compounded annually. She withdraws P4,000 at the end of the first year, P4,500 at the end of the second year, and the remaining balance at the end of the third year. How much does she withdraw at the end of the third year?
Chapter5: The Time Value Of Money
Section: Chapter Questions
Problem 24P
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Transcribed Image Text:On the first day of the year, a woman deposits P50,000 in a bank at 10% per year, compounded
annually. She withdraws P4,000 at the end of the first year, P4,500 at the end of the second year,
and the remaining balance at the end of the third year. How much does she withdraw at the end of
the third year?
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