Problem Statement: ME Board April 1998
A merchant puts in his P2,000.00 to a small business for a period of six years. With a given interest rate on the investment of 15 % per year, compounded annually, how much will he collect at the end of the sixth year?
- A. P4,400.00
- B. P4,390.15
- C. P4,200.00
- D. P4,626.00
The merchant will collect P4,626.00 at the end of the sixth year.
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