Civil Service Exam Reviewer · Simple Interest and Profit/Loss · hard
₱90,000 is invested at 4% compounded annually. How much is the compound interest after 3 years?
- ₱10,800
- ₱11,237.76
- ₱101,237.76
- ₱10,801
Answer
B. ₱11,237.76
Solution
A = ₱90,000 × (1.04)3 = ₱101,237.76. CI = ₱101,237.76 − ₱90,000 = ₱11,237.76.
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