Problem Statement: ME Board April 1998
P1,500.00 was deposited in a bank account, 20 years ago. Today it is worth P3,000.00. Interest is paid semi-annually. Determine the interest rate paid on this account.
- A. 3%
- B. 2.9%
- C. 3.5%
- D. 4%
The interest rate paid on this account is 3.5%.
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