Question

Find the compound amount and interest if Php. 400,000 is invested at 8 %, compounded quarterly for 5 years and 6 months?

Answer 1

618 391 .87

Explanation:

5 years 6 months = 22 quarters

8% = .08 .08/4 = .02 interest per period

400 000 ( 1 + .02)^22 = 618 391.87