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?

ENGR.ECONOMIC ANALYSIS
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ISBN:9780190931919
Author:NEWNAN
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Chapter1: Making Economics Decisions
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Engineering Economics

 

You need P40,000 per year for four years to go to college. Your father invested P300,000 in a 7% compounded monthly account for
your education when you were born. If you withdraw P40,000 at the end of your 17th, 18th, 19th, and 20th years, how much money
will be left in the account at the end of your 20th year?
Transcribed Image Text:You need P40,000 per year for four years to go to college. Your father invested P300,000 in a 7% compounded monthly account for your education when you were born. If you withdraw P40,000 at the end of your 17th, 18th, 19th, and 20th years, how much money will be left in the account at the end of your 20th year?
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