Civil Service Exam Reviewer · Simple Interest and Profit/Loss · hard
What amount must be invested now at 6% simple interest to have ₱31,000 after 4 years?
- ₱23,560
- ₱24,554.90
- ₱28,600
- ₱25,000
Answer
D. ₱25,000
Solution
P = A ÷ (1 + rt) = ₱31,000 ÷ 1.24 = ₱25,000.
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