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Solution: Determine the compounded interest after 7 years and 9 months

(Last Updated On: December 8, 2017)

Determine the compounded interest after 7 years and 9 months

Problem Statement: CE Board November 1996

If P500,000 is deposited at a rate of 11.25% compounded monthly, determine the compounded interest after 7 years and 9 months.

  • A. P660,550
  • B. P670,650
  • C. P680,750
  • D. P690,850

Problem Answer:

The compounded interest after 7 years and 9 months is P690,850.

Solution:

Solution: Determine the compounded interest after 7 years and 9 months

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