Simply Saving!
A working student at one of the biggest fast-food restaurants in Lucena City wants to save for the upcoming school year. He wants to deposit his money to a Filipino owned bank so that even in a simple way he can help his fellow Filipino. Supposed his monthly salary is ₱10,000.00, and it was deposited to an account that earns a simple interest of 2.75% per annum. Find the simple interest after 6 months, one year, and 18 months.
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Answer:
Hey!
The simple interests are:
Step-by-step explanation:
We can solve this problem using the simple interest formula;
where:
Solution:
Given:
Substitute the given to:
For 6 months:
For 1 year:
For 18 months:
Hence the simple interests are:
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