Civil Service Exam Reviewer · Simple Interest and Profit/Loss · hard
₱190,000 is invested at 4% compounded annually. How much is the compound interest after 2 years?
- ₱15,200
- ₱205,504
- ₱15,201
- ₱15,504
Answer
D. ₱15,504
Solution
A = ₱190,000 × (1.04)2 = ₱205,504. CI = ₱205,504 − ₱190,000 = ₱15,504.
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