SOLUTION: 1. Peter has 1,000.00 pesos time deposit which earn 14% in a year. After 3 years Peter withdraws all the accumulated amount and divided the money to another personal business. Six

Question 162722: 1. Peter has 1,000.00 pesos time deposit which earn 14% in a year. After 3 years Peter withdraws all the accumulated amount and divided the money to another personal business. Sixty percent of the money is used for lending venture which would earn 7% per month and the remaining amount is invested in another lending plan which will earn 5% a month. After two years, what will be the total accumulated money Peter has?
Answer by jojo14344(1513) (Show Source): You can put this solution on YOUR website!

Money after 3 years:
, working eqn

Sixty percent: , for lending venture
Remaning: , for lending plan
After 2 years:
For lending venture that earns 7%/month:
Via working eqn,

Foe lending plan that earns 5%/month:

Money thereafter:

Thank you,
Jojo
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