ou need P40,000 per year for four years to go to college. Your father invested P300,000 in a 7% compounded monthly account for our education when you were born. If you withdraw P40,000 at the end of your 17th, 18th, 19th, and 20th years, how much money rill be left in the account at the end of your 20th year?
ou need P40,000 per year for four years to go to college. Your father invested P300,000 in a 7% compounded monthly account for our education when you were born. If you withdraw P40,000 at the end of your 17th, 18th, 19th, and 20th years, how much money rill be left in the account at the end of your 20th year?
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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