Civil Service Exam Reviewer · Simple Interest and Profit/Loss · hard
What amount must be invested now at 8% simple interest to have ₱110,600 after 5 years?
- ₱66,360
- ₱75,272.50
- ₱106,600
- ₱79,000
Answer
D. ₱79,000
Solution
P = A ÷ (1 + rt) = ₱110,600 ÷ 1.4 = ₱79,000.
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