Anthony invested Php55,000 in a bank that pays 3.75% simple interest. How much will be his money at the end of 3 years and 8 months, assuming he does not withdraw nor deposit during the term of investment?
Anthony invested Php55,000 in a bank that pays 3.75% simple interest. How much will be his money at the end of 3 years and 8 months, assuming he does not withdraw nor deposit during the term of investment?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Question 1
Anthony invested Php55,000 in a
bank that pays 3.75% simple interest. How
much will be his money at the end of 3 years
and 8 months, assuming he does not
withdraw nor deposit during the term of
investment?
Php73,937.50
Php62,562.50
Php59,766.67
Php70,633.33
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