Solution: How much will be left in the account at the end of the 21st year?

You need P4,000 per year for four years to go to college. Your father invested P5,000 in 7% account for your education when you were born.

How much will be left in the account at the end of the 21st year?

Problem Statement: ECE Board April 1998

You need P4,000 per year for four years to go to college. Your father invested P5,000 in 7% account for your education when you were born. If you withdraw P4,000 at the end of your 17th, 18th, 19th and 20th birthday, how much will be left in the account at the end of the 21st year?

  • A. P1,666.98
  • B. P1,699.86
  • C. P1,623.89
  • D. P1,645.67

Problem Answer:

The money that will be left at the end of 21st year is P1,699.86.

Solution:

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