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?
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
ChapterA3: Time Value Of Money
Section: Chapter Questions
Problem 13E
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![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](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fa021897e-96f9-4e5e-97a9-1b31ccbe5e1d%2F2ded16df-1041-4570-8c58-7b73b836693f%2F5khrp4q_processed.jpeg&w=3840&q=75)
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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