1. Mr. Lopez plans to invest P200,000.00 in a savings account at the time of his son's birth and have
P574,000.00 after 16 years. At what interest rate compounded monthly should he invest his money?
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Answer:
6.6%
Step-by-step explanation:
Given:
P=10,000
r=36%=36÷100=0.36
n= m×t month =compounded anually means 1 ×t = years 10 years = 10
Substitute the given to the formula
A=10000(1+0.36)^10
A=216,464.70