Civil Service Exam Reviewer · Simple Interest and Profit/Loss · hard
₱160,000 is invested at 8% compounded annually. How much is the compound interest after 3 years?
- ₱38,400
- ₱41,553.92
- ₱201,553.92
- ₱38,401
Answer
B. ₱41,553.92
Solution
A = ₱160,000 × (1.08)3 = ₱201,553.92. CI = ₱201,553.92 − ₱160,000 = ₱41,553.92.
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