Cardo invested a certain amount at 20% simple interest per year. After 8 years, the interest she received amounted to Php40,000. How much did he invest? Cardo invested a certain amount at 20% simple interest per year. After 8 years, theinterest she received amounted to Php40,000. How much did he invest?

solution concept under simple interest the interest is calculated on the principal amount only .…

Answered: Cardo invested a certain amount at 20%…

Cardo invested a certain amount at 20% simple interest per year. After 8 years, the interest she received amounted to Php40,000. How much did he invest?

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter5: The Time Value Of Money

Section: Chapter Questions

Problem 22P

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Cardo invested a certain amount at 20% simple interest per year. After 8 years, the interest she received amounted to Php40,000. How much did he invest?

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