Problem Statement: ME Board October 1996
Fifteen years ago P1,000.00 was deposited in a bank account, and today it is worth P2,370.00. The bank pays interest semi-annually. What was the interest rate paid in this account?
- A. 3.8%
- B. 4.9%
- C. 5.0%
- D. 5.8%
The interest rate paid in this account is 5.8%.
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