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Enumerate all the given.

if 15,000 pesos is deposited in an account that pays 5% compounded annually, How much will be in the account after 8 years?​

2 Answers

3 votes

Rate of interest=r=0.05

So

Amount

  • P(1+r)^t
  • 15000(1+0.05)⁸
  • 15000(1.05)⁸
  • 22161.83 pesos
User Vladimir Cvetic
by
8.1k points
7 votes

Answer:

  • 22161.83 pesos

Explanation:

Given:

  • Deposit P = 15000
  • Rate of interest r = 5% = 0.05
  • Compound number n = 1
  • Time t = 8

Amount after 8 years:

  • A = P(1 + r)^t
  • A = 15000(1 + 0.05)^8 = 22161.83
User Dancavallaro
by
8.2k points

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