You need P 4,000 per year for four years to go to college. Your father invested P 5,000 in 7% account for your education when you were born. If you withdraw P 4,000 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?
You need P 4,000 per year for four years to go to college. Your father invested P 5,000 in 7% account for your education when you were born. If you withdraw P 4,000 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?
Economics Today and Tomorrow, Student Edition
1st Edition
ISBN:9780078747663
Author:McGraw-Hill
Publisher:McGraw-Hill
Chapter6: Saving And Investing
Section6.1: Why Save?
Problem 6R
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![You need P 4,000 per year for four years to go to college. Your father
invested P 5,000 in 7% account for your education when you were born. If
you withdraw P 4,000 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?](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F3ff68515-e963-4cb1-891d-d97f62b680be%2F9ea35f0d-8334-4d55-9828-e08a818e5d11%2Frvsleqh_processed.jpeg&w=3840&q=75)
Transcribed Image Text:You need P 4,000 per year for four years to go to college. Your father
invested P 5,000 in 7% account for your education when you were born. If
you withdraw P 4,000 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?
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