Your sister placed her graduation gifts amounting to 25,000 in a special savings account that provides an interest of 2% for 8 months. Compute the following: a.) Annual interest; b.) Total interest; c.) Amount to be received or paid at the end of the term.
Your sister placed her graduation gifts amounting to 25,000 in a special savings account that provides an interest of 2% for 8 months. Compute the following: a.) Annual interest; b.) Total interest; c.) Amount to be received or paid at the end of the term.
Chapter4: Time Value Of Money
Section: Chapter Questions
Problem 23PROB
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Your sister placed her graduation gifts amounting to 25,000 in a special savings account that provides an interest of 2% for 8 months.
Compute the following: a.) Annual interest; b.) Total interest; c.) Amount to be received or paid at the end of the term.
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