Question

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?​

Answer 1

Rate of interest=r=0.05

So

Amount

• P(1+r)^t
• 15000(1+0.05)⁸
• 15000(1.05)⁸
• 22161.83 pesos

Answer 2

• 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