## Question

###### . On the first day of the year, a person deposits S1000 into a bank at...

. On the first day of the year, a person deposits S1000 into a bank at 8%lyear interest. They withdraw $80 at the end of the first year, $90 at the end of the second year and the remaining at the end of the third year. How much money was withdrawn in year 3?

## Answers

Solution: $1069.20

Working:

Opening balance Interest Withdrawls Balance 1st year 1000 80 80 1000 2nd year 1000 80 90 990 3rd year 990 79.2 0 1069.20

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