1. If P5,000 is invested in a time-deposit for 2 years in a bank that offers 4% annual interest compounded quarterly, how much interest will be earned at the end of 2 years?

College Algebra
1st Edition
ISBN:9781938168383
Author:Jay Abramson
Publisher:Jay Abramson
Chapter9: Sequences, Probability And Counting Theory
Section9.4: Series And Their Notations
Problem 56SE: To get the best loan rates available, the Riches want to save enough money to place 20% down on a...
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Label all final answers with the correct
units, if applicable. Unless otherwise stated, use 4 decimal places for intermediate computations of
interest rates (if needed) then round off final answers to two decimal places. For monetary amounts,
use 2 decimal places even for intermediate computations.
1. If P5,000 is invested in a time-deposit for 2 years in a bank that offers 4% annual interest compounded
quarterly, how much interest will be earned at the end of 2 years?
Transcribed Image Text:Label all final answers with the correct units, if applicable. Unless otherwise stated, use 4 decimal places for intermediate computations of interest rates (if needed) then round off final answers to two decimal places. For monetary amounts, use 2 decimal places even for intermediate computations. 1. If P5,000 is invested in a time-deposit for 2 years in a bank that offers 4% annual interest compounded quarterly, how much interest will be earned at the end of 2 years?
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