Solution: Determine the interest rate paid on this account.

(Last Updated On: December 8, 2017)

Determine the interest rate paid on this account.

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%

Problem Answer:

The interest rate paid on this account is 3.5%.

Solution:

Solution: Determine the interest rate paid on this account.

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Solution: Determine the interest rate paid on this account.
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