You need a P40,000 per year for four years to go to college. Your father invested P50,000 in a 7% account for your education when you were born. If you withdraw the P40,000 at the end of your 17th, 18th, 19th, and 20th years, how much money will be left in the account at the end of your 21st year?

You need a P40,000 per year for four years to go to college. Your father invested P50,000 in a 7% account for your education when you were born. If you withdraw the P40,000 at the end of your 17th, 18th, 19th, and 20th years, how much money will be left in the account at the end of your 21st year?

Engineering Fundamentals: An Introduction to Engineering (MindTap Course List)

5th Edition

ISBN:9781305084766

Author:Saeed Moaveni

Publisher:Saeed Moaveni

Chapter20: Engineering Economics

Section: Chapter Questions

Problem 12P

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Question

You need a P40,.000 per year
for four years to go to college.
Your father invested P50,000
in a 7% account for your
education when you were
born. If you withdraw the
P40,000 at the end of your
17th, 18th, 19th, and 20th
years, how much money will
be left in the account at the
end of your 21st year?

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