Mia wishes to determine how long will it take P1,000,000 to accumulate to P2,000,000, if
a. Mia invested it at 12% compounded annually b. Mia invested it at 12% compounded semi-annually
c. Mia invested it at 12% compounded quarterly
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Mia wishes to determine how long will it take P1,000,000 to accumulate to P2,000,000, if
a. Mia invested it at 12% compounded annually b. Mia invested it at 12% compounded semi-annually
c. Mia invested it at 12% compounded quarterly
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Answer:
a. It will take Mia approximately 16.97 years to accumulate P1,000,000 to P2,000,000 at 12% compounded annually.
b. It will take Mia approximately 16.18 years to accumulate P1,000,000 to P2,000,000 at 12% compounded semi-annually.
c. It will take Mia approximately 16.39 years to accumulate P1,000,000 to P2,000,000 at 12% compounded quarterly.