Question

Calculate the compound amount of ₱300,000 invested at 8% interest compounded quarterly, for 5 years.NOTE FROM TUTOR: Once there was a technical issue with the tutoring app, I uploaded screenshots of the answer page here for the student to be able to see it.

Answer 1

This is a simple question to solve.

Here we are working with compounded interests and the equation we use to calculate the final compound amount is:

Once we know our formula, we can substitute our variables as follows to calculate the Compounded Amount:

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