What I Can Do
Solve for what is asked in the problem. Show your
solutions.
Warren deposited his P12, 000. 00 in a local bank
in 2019.
1. If the bank offers 5% interest rate
compounded annually, how much will be in his bank account in 2028?
2. Suppose he will withdraw the principal in 2028 and will leave the
interest in his account, how much will the interest earn after 5 years?
Note:
A - final amount
P – initial principal balance
r - interest rate
n - number of times interest
applied per time period
t – number of time periods
elapsed