Determine the accumulated amount using exact simple interest on P10,000.00 (pesos) for the period from January 20, 1990 to November 28 of the same year at 15% interest rate.
Determine the accumulated amount using exact simple interest on P10,000.00 (pesos) for the period from January 20, 1990 to November 28 of the same year at 15% interest rate.
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
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Answer the following simple interest problem using the provided formula ONLY. Show your complete solution.
3. Simple Interest
Determine the accumulated amount using exact simple interest on P10,000.00 (pesos) for the period from January 20, 1990 to November 28 of the same year at 15% interest rate.
Transcribed Image Text:Simple Interest - only the principal earns interest.
where:
I = Pni
F= P + I
F = P + Pni
F = P(ltni)
I= interest
i= rate of interest
period
per
interest
n = number of interest period
P= principal or present worth
F = Future worth or
accumulated amount
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