Situation:

A newly wed couple, Mr. and Mrs. Wu are planning to have their own home but have limited budget. They went to a bank for some advice as to how they can produce enough amount for the down payment on a house and a lot they have chosen. This is the advice of the bank:

If you will invest PHP 20,000. 00 at the end of each year for 5 years in an account that pays interest at 6% compounded annually, you will have the amount for the down payment of the house and lot at end of 5 years.

Which house did the couple choose?