A sum of P1,000 is invested now and left for eight years, at which time the prin

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A sum of P1,000 is invested now and left for eight years, at which time the principal is withdrawn. The interest has accrued is left for another eight years. If the effective annual interest rate is 5%, what will be the withdrawal amount at the end of the 16th year?

Options:

A . P693.12

B . P700.12

C . P702.15

D . P705.42

Answer: Option D

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