# Solution: How much must be deposited at 6% each year beginning on January 1, year 1?

How much must be deposited at 6% each year beginning on January 1, year 1, in order to accumulate P5,000 on the date of the last deposit, January 1, year 6?

#### Problem Statement: ME Board April 1998

How much must be deposited at 6% each year beginning on January 1, year 1, in order to accumulate P5,000 on the date of the last deposit, January 1, year 6?

• A. P728.99
• B. P742.09
• C. P716.81
• D. P702.00

The amount that must be deposited at 6% each year beginning on January 1, year 1 is P716.81.

Solution:

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