Reya placed Php 18,000 in a 240 day term deposit earning 8.5% per annum. How much will the bank pay Reya on the maturity date? A. 18,920 B. 19,530 C. 19,200

EBK CONTEMPORARY FINANCIAL MANAGEMENT
14th Edition
ISBN:9781337514835
Author:MOYER
Publisher:MOYER
Chapter5: The Time Value Of Money
Section: Chapter Questions
Problem 26P
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Reya placed Php 18,000 in a 240 day term deposit earning 8.5% per annum. How much will the bank pay Reya on the maturity date?

A. 18,920
B. 19,530
C. 19,200

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