Aurora wants to give her daughter Mara a financial gift on the latter’s college graduation two years  from now. Aurora came across a promotional high-yielding savings account which guaranteed that  a deposit of P2,000 today becomes P5,000 during the same period. What is the interest rate in  this case if it is compounded quarterly?

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Q: Assuming an interest rate of 8% compounded annually, how much money will be required in four years…

A: A = P(1+r)n where P is principal amountr is interest rate n is time period

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A: *Answer:

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A:

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