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COMPLETE SOLUTIONS AND UPVOTE WILL BE GUARANTEED A student plan to deposit P2,575 in the bank now and another P2,850 for the next 2 years.

COMPLETE SOLUTIONS AND UPVOTE WILL BE GUARANTEED

A student plan to deposit P2,575 in the bank now and another P2,850 for the next 2 years. If he plans to withdraw P5,000 three years 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 interest rate is 10%.

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