Engineering Board Exam Reviewer · Compound Interest · hard

Find the compound amount of P8,000 at 12% compounded quarterly for 3 years.

  1. P11,406.11
  2. P11,200.00
  3. P11,000.00
  4. P11,600.00

Answer

A. P11,406.11

Solution

n=12 periods, i=0.03. A=8000(1.03)12 P11,406.11.

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