[5] Directions: Identify if the problem involves simple interest or compound interest. Then, solve the problem. Show complete solution.Your cousin deposited P1,200.00 in a certificate of deposit (CD) at an interest rate of 5.5%. He earned P198.00 in simple interest. How long was the CD for?

Calculations of time period of CD are as follows.

Answered: Your cousin deposited P1,200.00 in a…

Your cousin deposited P1,200.00 in a certificate of deposit (CD) at an interest rate of 5.5%. He earned P198.00 in simple interest. How long was the CD for?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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[5] Directions: Identify if the problem involves simple interest or compound interest. Then, solve the problem. Show complete solution.

Your cousin deposited P1,200.00 in a certificate of deposit (CD) at an interest rate of 5.5%. He earned P198.00 in simple interest. How long was the CD for?

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