Luke earned P4200 in interest from his simple interest account over the last 3 years. The account pays 1.75% interestannually. How much did Luke originally deposited in his account?(A) Р80 000(в) Р100 000P75 000D P50 000

Simple interest (I) = P4200 Period (t) = 3 Years Interest rate (r) = 1.75%

Answered: Luke earned P4200 in interest from his…

EBK CFIN

6th Edition

ISBN:9781337671743

Author:BESLEY

Publisher:BESLEY

Chapter4: Time Value Of Money

Section: Chapter Questions

Problem 1PROB

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Luke earned P4200 in interest from his simple interest account over the last 3 years. The account pays 1.75% interest annually. How much did Luke originally deposited in his account? A P80 000 (B) P100 000 (c) P75 000 D P50 000