On the first day of the year, a man deposits P5,000 in a bank at 8% a year, compounded annually. He withdraws P80.00 at the end of the first year, P90.00 at the end of the second year and the remaining balance at the end of the third year. How much does he withdraw at the end of the third year?

On the first day of the year, a man deposits P5,000 in a bank at 8% a year, compounded annually. He withdraws P80.00 at the end of the first year, P90.00 at the end of the second year and the remaining balance at the end of the third year. How much does he withdraw at the end of the third year?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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8. On the first day of the year, a man deposits P5,000 in a bank at 8% a year, compounded annually.
He withdraws P80.00 at the end of the first year, P90.00 at the end of the second year and the
remaining balance at the end of the third year. How much does he withdraw at the end of the third
year?

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