Mr Dela Cruz deposited ₱18,980.00 from the project you’ve earned in a time deposit account with your savings bank at a rate of 1.25 per annum. This will mature in mature in two years. Compute for the interest and the total amount to be collected.

Mr Dela Cruz deposited ₱18,980.00 from the project you’ve earned in a time deposit account with your savings bank at a rate of 1.25 per annum. This will mature in mature in two years. Compute for the interest and the total amount to be collected.

Financial Accounting Intro Concepts Meth/Uses

14th Edition

ISBN:9781285595047

Author:Weil

Publisher:Weil

ChapterA: Appendix - Time Value Of Cash Flows: Compound Interest Concepts And Applications

Section: Chapter Questions

Problem 15E

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Direction: Compute the annual interest, total interest, and amount to be received or paid at the end of the term for the scenario below using a simple interest assumption and compound interest assumption. You deposited ₱5,000 from the savings of your daily allowance in a time deposit account with your savings bank at a rate of 1.5% per annum. This will mature in 6 months.
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