# Solution: What is the amount that will be available in two years?

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:

#### 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.

Solution:

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 We educate thousands of students a week in preparation for their licensure examinations. We provide professionals with materials for their lectures and practice exams. To help us go forward with the same spirit, contribution from your side will highly appreciated. Thank you in advance. Option 1 : \$5 USD Option 2 : \$10 USD Option 3 : \$15 USD Option 4 : \$20 USD Option 5 : \$25 USD Option 6 : \$50 USD Option 7 : \$100 USD Option 8 : Other Amount

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