Engineering Board Exam Reviewer · Compound Interest · hard

Find the compound amount of P15,000 at 8% compounded semi-annually for 4 years.

  1. P20,528.55
  2. P20,400.00
  3. P19,800.00
  4. P21,000.00

Answer

A. P20,528.55

Solution

n=8 periods, i=0.04. A=15000(1.04)8 P20,528.55.

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