Solution: What was the interest rate paid in this account?

(Last Updated On: December 8, 2017)

What was the interest rate paid in this account?

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%

Problem Answer:

The interest rate paid in this account is 5.8%.

Solution:

Latest Problem Solving in Engineering Economics (Simple & Compound Interest)

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Solution: What was the interest rate paid in this account?
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