2. Sonia invested P 2,100 and left it for 9 years where the time in which the principal waswithdrawn. The interest rate compounded annually is 8.5%.a. Determine the amount of money after 20th year?b. Determine the effective interest rate.c. Determine the Single Payment Compound Amount Factor. Round your answer into 4 decimalplaces (nearest ten thousands).

Given that Principal amount = 2100 Rate of interest = 8.5% (compounded annually) Time period = 20…

Answered: 2. Sonia invested P 2,100 and left it…

Advanced Engineering Mathematics

10th Edition

ISBN:9780470458365

Author:Erwin Kreyszig

Publisher:Erwin Kreyszig

Chapter2: Second-order Linear Odes

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Problem 1RQ

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2. Sonia invested P 2,100 and left it for 9 years where the time in which the principal was withdrawn. The interest rate compounded annually is 8.5%. a. Determine the amount of money after 20th year? b. Determine the effective interestrate.