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1. What are the compound amount and interest if Php 6,000 is invested at 2% compounded monthly for 2 years.

1. What are the compound amount and interest if Php 6,000 is invested at 2% compounded monthly for 2 years.

Advanced Engineering Mathematics
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
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Answer item 1 only.
Directions: Solve the following problems carefully. Show your complete solution then put your final answer in a rectangular box. Round your final answer in 2 decimal place. Do not forget to put the correct unit of measurements. 1. What are the compound amount and interest if Php 6,000 is invested at 2% compounded monthly for 2 years. 2. How much interest is earned in 4 years on Php 12,000 deposited in an account paying 4 % compounded semi-annually? 3. A bank offers 4 % compounded quarterly. What is the effective rate?
Transcribed Image Text:Directions: Solve the following problems carefully. Show your complete solution then put your final answer in a rectangular box. Round your final answer in 2 decimal place. Do not forget to put the correct unit of measurements. 1. What are the compound amount and interest if Php 6,000 is invested at 2% compounded monthly for 2 years. 2. How much interest is earned in 4 years on Php 12,000 deposited in an account paying 4 % compounded semi-annually? 3. A bank offers 4 % compounded quarterly. What is the effective rate?
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