Problem Statement: ME Board April 1998
A manufacturing firm wishes to give each 80 employees a holiday bonus. How much is needed to invest monthly for a year at 12% nominal interest rate compounded monthly, so that each employee will receive a P2,000 bonus?
- A. P12,615.80
- B. P12,516.80
- C. P12,611.80
- D. P12,510.80
The manufacturing firm needed P12,615.80 to invest monthly for a year at 12% nominal interest rate compounded monthly.
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