Civil Service Exam Reviewer · Simple Interest and Profit/Loss · hard
What amount must be invested now at 10% simple interest to have ₱123,200 after 6 years?
- ₱49,280
- ₱69,543.19
- ₱117,200
- ₱77,000
Answer
D. ₱77,000
Solution
P = A ÷ (1 + rt) = ₱123,200 ÷ 1.6 = ₱77,000.
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