Marlon has P10,000 to invest for 10 years and he found an interest rate of 5% How much money will he have at the end of 10 years if: (a) the interest rate compounds monthly?
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Marlon has P10,000 to invest for 10 years and he found an interest rate of 5% How much money will he have at the end of 10 years if: (a) the interest rate compounds monthly?
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Answer:
The answer is 60,000
Step-by-step explanation:
First you have to multiply 10,000 by 5% then multiply the answer to 12(months) then the answer will be multiplied by 10(years) then you'll have 60,000