Luke earned P4200 in interest from his simple interest account over the last 3 years. The account pays 1.75% interest annually. How much did Luke originally deposited in his account? A P80 000 (B) P100 000 (c) P75 000 D P50 000
Luke earned P4200 in interest from his simple interest account over the last 3 years. The account pays 1.75% interest annually. How much did Luke originally deposited in his account? A P80 000 (B) P100 000 (c) P75 000 D P50 000
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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Question
![Luke earned P4200 in interest from his simple interest account over the last 3 years. The account pays 1.75% interest
annually. How much did Luke originally deposited in his account?
(A) Р80 000
(в) Р100 000
P75 000
D P50 000](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Feb64abf7-44d0-4629-a742-d4e1b4613bec%2Ffb3abe9d-fa20-420c-b36d-651cbd0bbfab%2F5gwpof8_processed.png&w=3840&q=75)
Transcribed Image Text:Luke earned P4200 in interest from his simple interest account over the last 3 years. The account pays 1.75% interest
annually. How much did Luke originally deposited in his account?
(A) Р80 000
(в) Р100 000
P75 000
D P50 000
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