You need Php 40,000 per year for four years to go to college. Your father invested Php 50,000 in a 7% interest for your education when you were born. If you withdraw the Php 40,000 at the end of 17th , 18th , 19th , and 21st years, how much money will be left in the account at the end of 21st year?

You need Php 40,000 per year for four years to go to college. Your father invested Php 50,000 in a 7% interest for your education when you were born. If you withdraw the Php 40,000 at the end of 17th , 18th , 19th , and 21st years, how much money will be left in the account at the end of 21st year?

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

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You need Php 40,000 per year for four years to go to college. Your father invested Php 50,000 in a 7% interest for your education when you were born. If you withdraw the Php 40,000 at the end of 17^th , 18^th , 19^th , and 21^st years, how much money will be left in the account at the end of 21^st year?

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