National Book Store Panneerselvam, R., (2012), Engineering Economics (Eastern Economy Edition), New Delhi: PHI Learning Private Limited Lindeburg, M., (2014), Civil Engineering Reference Manual for the PE Exam (14th Edition), California: Professional Publications, Inc. Let’s Check Activity 1: Now that you have reviewed the annuity problems in engineering economy, let us try to check your understanding by solving the following: 1. A student deposits ₱1,000 in a savings account that pays interest at the rate of 6% per year compounded annually. If all the money is allowed to accumulate, how much money will the student have after 12 years? 2. A certain sum of money will be deposited in a savings account that pays interest at the rate of 6% per year compounded annually. If all the money is allowed to accumulate, how much must be deposited initially so that ₱5000 will have accumulated after 10 years? 3. A student plans to deposit ₱600 each year in a savings account, over a period of 10 years. If the bank pays 6% per year compounded annually, how much money will have accumulated at the end of the 10-year period?