Civil Service Exam Reviewer · Simple Interest and Profit/Loss · hard
What amount must be invested now at 8% simple interest to have ₱124,080 after 4 years?
- ₱84,374.40
- ₱91,202.50
- ₱94,000
- ₱120,880
Answer
C. ₱94,000
Solution
P = A ÷ (1 + rt) = ₱124,080 ÷ 1.32 = ₱94,000.
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