You invested P2,000 in a savings account that earns interest compounded annually at a rate of 6% . Find the savings account balance after a period of 2 years ? 3 years ?
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Answer:
240 PESOS & 360 PESOS
Step-by-step explanation:
PRINCIPAL = 2,000 PESOS
PERCENT = 6% OR 0.06%
TIME = 2 YEARS
2,000 PESOS × 0.06% = 120 PESOS
120 PESOS × 2 YEARS = 240 PESOS
PRINCIPAL = 2,000 PESOS
PERCENT = 6% OR 0.06%
TIME = 3 YEARS
2,000 PESOS × 0.06% = 120 PESOS
120 PESOS × 3 YEARS = 360 PESOS