To make CDs look more attractive than they really are, some banks advertise that their rates are higher than their computers' rates; however, the fine print says that the rate is a simple interest rate. If a person deposits PHP8,000 at 5.5% per year simple interest, what compound interest rate would yield the same amount of money in 3 years?
To make CDs look more attractive than they really are, some banks advertise that their rates are higher than their computers' rates; however, the fine print says that the rate is a simple interest rate. If a person deposits PHP8,000 at 5.5% per year simple interest, what compound interest rate would yield the same amount of money in 3 years?
College Algebra
7th Edition
ISBN:9781305115545
Author:James Stewart, Lothar Redlin, Saleem Watson
Publisher:James Stewart, Lothar Redlin, Saleem Watson
Chapter5: Systems Of Equations And Inequalities
Section: Chapter Questions
Problem 14P: Annual interest yield refer to problem 13 .suppose the investor decides to increase the maximum...
Related questions
Question
Answer the Problem and give what is asked. write your solution cleary and readable. Then box the final answers.
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 3 steps with 3 images
Recommended textbooks for you
College Algebra
Algebra
ISBN:
9781305115545
Author:
James Stewart, Lothar Redlin, Saleem Watson
Publisher:
Cengage Learning
Algebra & Trigonometry with Analytic Geometry
Algebra
ISBN:
9781133382119
Author:
Swokowski
Publisher:
Cengage
Algebra for College Students
Algebra
ISBN:
9781285195780
Author:
Jerome E. Kaufmann, Karen L. Schwitters
Publisher:
Cengage Learning
College Algebra
Algebra
ISBN:
9781305115545
Author:
James Stewart, Lothar Redlin, Saleem Watson
Publisher:
Cengage Learning
Algebra & Trigonometry with Analytic Geometry
Algebra
ISBN:
9781133382119
Author:
Swokowski
Publisher:
Cengage
Algebra for College Students
Algebra
ISBN:
9781285195780
Author:
Jerome E. Kaufmann, Karen L. Schwitters
Publisher:
Cengage Learning