Civil Service Exam Reviewer · Simple Interest and Profit/Loss · hard
What amount must be invested now at 8% simple interest to have ₱18,560 after 2 years?
- ₱15,590.40
- ₱16,000
- ₱15,912.21
- ₱16,960
Answer
B. ₱16,000
Solution
P = A ÷ (1 + rt) = ₱18,560 ÷ 1.16 = ₱16,000.
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