Question
Ten years ago, Sir Kent won the jackpot lottery amounting to half million pesos in cash and deposited it in his savings account in BPI
Ten years ago, Sir Kent won the jackpot lottery amounting to half million pesos in cash and deposited it in his savings account in BPI offering a compounding interest rate of 5% per year. Today, he requested his statement of account in BPI and noticed the following changes in chronological order:
(a) Half million pesos was deposited.
(b) A payment was made using his debit card amounting Php 100,000.00, 2 years after he deposited his money.
(c) Php 200,000.00 was transferred to another BPI account, on following year.
(d) Php 300,000.00 was withdrawn somewhere in Manila on the following year.
(e) Amounting to Php 100,000.00 were deposited for the next three years each year.
Answer the following questions.
1.How much was the savings account's ending balance of Sir Kent a year ago?
2.If his money was never been touched from day 0 after depositing it, on what year would he reach the 10-million mark? Be specific on the year, YYYY.
3.If BPI was to offer 10% in simple interest scheme, how much savings he would have at this moment of time?
4.If Sir Kent was to withdraw some amount from his savings two years ago to have a remaining total savings of Php 500,000.00, how much he would have withdrawn at that time?
5.At this moment of time, how much was the present money of Sir Kent's savings account?
6.If you are to win one million pesos in cash today, what are you going to do with it?
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