A student plans to deposit P1,500 in the bank now an... - Solved MCQs & Answer

2978Civil EngineeringMedium

A student plans to deposit P1,500 in the bank now and another P3,000 for the next 2 years. If he plans to withdraw P5,000 three years from after his last deposit for the purpose of buying shoes, what will be the amount of money left in the bank after one year of his withdrawal? Effective annual interest rate is 10%?

AP1,549.64

BP1,345.98

CP1,945.64

DP1,459.64

Correct answer

A. P1,549.64

Explanation

The correct answer is P1,549.64.

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