2. Sonia invested P 2,100 and left it for 9 years where the time in which the principal was withdrawn. The interest rate compounded annually is 8.5%. a. Determine the amount of money after 20th year? b. Determine the effective interestrate.

College Algebra
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Author:Jay Abramson
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Chapter9: Sequences, Probability And Counting Theory
Section9.4: Series And Their Notations
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2. Sonia invested P 2,100 and left it for 9 years where the time in which the principal was
withdrawn. The interest rate compounded annually is 8.5%.
a. Determine the amount of money after 20th year?
b. Determine the effective interest rate.
c. Determine the Single Payment Compound Amount Factor. Round your answer into 4 decimal
places (nearest ten thousands).
Transcribed Image Text:2. Sonia invested P 2,100 and left it for 9 years where the time in which the principal was withdrawn. The interest rate compounded annually is 8.5%. a. Determine the amount of money after 20th year? b. Determine the effective interest rate. c. Determine the Single Payment Compound Amount Factor. Round your answer into 4 decimal places (nearest ten thousands).
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