WITH SOLUTION PO SANA
24. You invest P75, 000 in a savings account that pays interest of 3.6% compounded monthly. What is the value of your account after 36 months? Hint: after
a. P39, 459.82
b. P41, 250.00
c. P83, 540.07
d. P377, 072.50
25. At what nominal rate compounded monthly will P 50, 000 be doubled in 5 years?
a. 0.25%
b. 1%
c. 1.16%
d. 2%
26. How long will it take P5,000 to accumulate to P10,000 in a bank savings account at 5% compounded quarterly a
a. 10 years
c. 14 years
d. 15 years
b. 12 years
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