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If you deposit p5,500 in a bank at an annual simple interest rate of 0.5 % how much money will you have after 12 years

Answers

  • Réponse publiée par: shannel99
    P5,830

    Explanation:

    In order to know how much money will I have after 12 years, we'll need to use the formula:

    F = P (1 + rt)

    where:

    F - future or maturity valueP - principal amountr - interest ratet - time

    Let's solve!

    F = P (1 + rt) \\ F = (5500) (1 + (0.5\%)(12)) \\ F = (5500) (1 + (0.005)(12)) \\ F = (5500) (1 + 0.06) \\ F = (5500) (1.06) \\ F = 5830

    #answerForTrees

  • Réponse publiée par: ian2145

    answer:

    if the interest is by month the total money will be P396,000

    Step-by-step explanation:

    and if it is by year it will be P33,000

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If you deposit p5,500 in a bank at an annual simple interest rate of 0.5 % how much money will you h...