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Alec placed a time deposit in a bank for 70,000 pesos with an interest rate of 6% compounded twice a year. How much will the principal and interest be after 7 years?​

Sagot :

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ANSWER:

The principal and interest, with compound interest on a principal of 70,000 pesos at a 6% per year, compounded twice over 7 years is 105,881.28 Pesos

STEP-BY-STEP EXPLNATION

1st Step: Use the equation and write down all the numbers given.

The formula for compound interest is

[tex]A=P(1+r/n)^{nt}[/tex]

P = 70,000 pesos

r = 6%

n = 2

t = 7 years

2nd Step: Substitute the given values to the formula.

[tex]A = 70,000(1+0.06/2)^{(2)(7)}[/tex]

[tex]A = 70,000(1+0.03)^{14}[/tex]

[tex]A = 70,000(1.03)^{14}[/tex]

[tex]A = 70,000(1.51258972)[/tex]

A = 105,881.28 Pesos

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