16. How long should Php45,000 be invested to have P65,000 at a rate of 8.4% compounded bimonthly? Select the correct response: 1 yr and 5 mos 3yrs and 5mos 2yrs and 5mos 4 yrs and 5mos

Algebra for College Students
10th Edition
ISBN:9781285195780
Author:Jerome E. Kaufmann, Karen L. Schwitters
Publisher:Jerome E. Kaufmann, Karen L. Schwitters
Chapter10: Exponential And Logarithmic Functions
Section10.2: Applications Of Exponential Functions
Problem 25PS
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Answer the following
16. How long should Php45,000 be invested to have P65,000 at a rate of 8.4% compounded bimonthly?
Select the correct response:
1 yr and 5 mos
3yrs and 5mos
2yrs and 5mos
4
yrs
and 5mos
Transcribed Image Text:16. How long should Php45,000 be invested to have P65,000 at a rate of 8.4% compounded bimonthly? Select the correct response: 1 yr and 5 mos 3yrs and 5mos 2yrs and 5mos 4 yrs and 5mos
Compounding frequency refers to the number of times per year that interest is computed.
Select the correct response:
True
False
Transcribed Image Text:Compounding frequency refers to the number of times per year that interest is computed. Select the correct response: True False
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