Engineering Board Exam Reviewer · Uniform Gradient Series · hard
Year-end deposits start at P1,000 and increase by P100 each year for 10 years. Find the accumulated amount at the end of year 10 at 8% interest.
- P14,486.56
- P32,594.77
- P20,094.77
- P9,307.76
Answer
C. P20,094.77
Solution
F=≤ft(A1+ Gi )(F/A,i,n)-nG/i=(1,000+1,250)(14.4866)-10(100)/0.08=P20,094.77.
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