Determine final the amount and interest if P13,000 is invested at 10% compounded bimonthly for 2 years.
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Determine final the amount and interest if P13,000 is invested at 10% compounded bimonthly for 2 years.
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Answer:
To determine the final amount and interest if P13,000 is invested at 10% compounded bimonthly for 2 years, you can use the following formula:
Step-by-step explanation:
Final amount = P13,000 * (1 + 0.10/2)^(2*2)
Plugging in the values, you get:
Final amount = P13,000 * (1 + 0.10/2)^(2*2)
= P13,000 * (1.05)^4
= P13,000 * 1.2155
= P15,804.65
The final amount of the investment is P15,804.65. The interest earned is P15,804.65 - P13,000 = P2,804.65.