You invest Php1,500 in a bank account that offers an annual interest rate of 3.5%, compounded quarterly. What will your balance be after 3 years?
Question
Solution 1
Sure, here's how you can calculate it:
- First, you need to understand the formula for compound interest, which is A = P (1 + r/n)^(nt). In this formula:
- A is the amount of money accumulated after n years, including interest.
- P is the principal amount (the initial amount of money).
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Knowee AI StudyGPT is a powerful AI-powered study tool designed to help you to solve study problem.
Knowee AI StudyGPT is a powerful AI-powered study tool designed to help you to solve study problem.
Knowee AI StudyGPT is a powerful AI-powered study tool designed to help you to solve study problem.
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