# 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% ? with Answer - Civil Engineering Mcqs | TestPrep

> Solved MCQ: 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% ? Correct Answer: A. P1,549.64. Verified answer explanation for FPSC, PPSC, MDCAT, NTS, and CSS competitive exam preparation.

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# 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% ?

Direct Answer & Quick Reference

The correct option is **A. P1,549.64**.

A. P1,549.64 **(Correct Answer)**

B. P1,459.64

C. P1,345.98

D. P1,945.64

✨ Explain with AI

Verified Key: A. P1,549.64
Solved by 5,453+ students

Verified against official examination board answer keys and standard curriculum textbooks.

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*Source: https://test-prep.blog/mcq/a-student-plans-to-deposit-p1500-in-the-bank-now-and-another-p3000-for-the-next--e5b5ccb3-9f9b-4f2c-a3e4-bdefa884d938*
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