2. On January 1, 2022, Marites deposited P15,000 in a bank that offered 2.5% annual interest compounded monthly, and a 20% tax on the interest is deducted every month. Determine the total balance of her account on April 1, 2022.
2. On January 1, 2022, Marites deposited P15,000 in a bank that offered 2.5% annual interest compounded monthly, and a 20% tax on the interest is deducted every month. Determine the total balance of her account on April 1, 2022.
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
Related questions
Question
![Label all final answers with the correct
units, if applicable. Unless otherwise stated, use 4 decimal places for intermediate computations of
interest rates (if needed) then round off final answers to two decimal places. For monetary amounts,
use 2 decimal places even for intermediate computations.
2. On January 1, 2022, Marites deposited P15,000 in a bank that offered 2.5% annual interest compounded
monthly, and a 20% tax on the interest is deducted every month. Determine the total balance of her
account on April 1, 2022.
2](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fd04dbe9c-bfb4-46b4-9f44-9af1803ab83c%2Faa593bdb-8d57-4203-a0e0-844d866eee4a%2F7ge53ug_processed.png&w=3840&q=75)
Transcribed Image Text:Label all final answers with the correct
units, if applicable. Unless otherwise stated, use 4 decimal places for intermediate computations of
interest rates (if needed) then round off final answers to two decimal places. For monetary amounts,
use 2 decimal places even for intermediate computations.
2. On January 1, 2022, Marites deposited P15,000 in a bank that offered 2.5% annual interest compounded
monthly, and a 20% tax on the interest is deducted every month. Determine the total balance of her
account on April 1, 2022.
2
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