(2) Jack has deposited P1,000 into a savings account. He wants to withdraw it when it has grown to P 2,000. If the interest rate is 4% annual interest compounded annually, how long will he have to wait?
(2) Jack has deposited P1,000 into a savings account. He wants to withdraw it when it has grown to P 2,000. If the interest rate is 4% annual interest compounded annually, how long will he have to wait?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![(2) Jack has deposited P1,000 into a savings account. He wants to withdraw it when it has grown to
P2,000. If the interest rate is 4% annual interest compounded annually, how long will he have to
wait?](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F45631b76-92ed-4621-943e-a0001c817b2f%2F6be8fef7-fa14-4998-8f44-6f7ef48cf1ae%2F56ymyam_processed.jpeg&w=3840&q=75)
Transcribed Image Text:(2) Jack has deposited P1,000 into a savings account. He wants to withdraw it when it has grown to
P2,000. If the interest rate is 4% annual interest compounded annually, how long will he have to
wait?
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