Answered

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Find the final compound amount of 15,900 pesos at 5.5% interest compounded annually for 18 months

Sagot :

madethisfortwitch1

Answer:

17,229.62 pesos

Step-by-step explanation:

The compound interest formula for something that is compounding annually is

[tex]FV=PV(1+i)^n[/tex]

This question is a litte tricky because it's in months and not years

We can convert this into years by dividing it by 12

18/12=1.5 therefore n=1.5

which means we have

[tex]15900(1+.055)^{1.5}[/tex]

Compute this and get

17,229.62

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