Answer to Question #185954 in Algebra for Eleine

Question

Maria wants to have ₱750,000.00 at the end of 4 years for her graduation expenses. She plans to deposit a certain amount at the end of each month to achieve this. Her bank pays 15% compounded monthly. Which of the following refers to the monthly rate? *

0.0125%

1.25%

15%

12%

Maria wants to have ₱750,000.00 at the end of 4 years for her graduation expenses. She plans to deposit a certain amount at the end of each month to achieve this. Her bank pays 15% compounded monthly. Which of the following refers to the total number of deposits? *

48

60

12

5

Find the actual time from February 1, 2017 to July 23, 2017. *

170 days

171 days

172 days

173 days

Answer 1

1) 15%

2) 4 years × 12 months = 48

3) April 2017–June 2017

April 2017: 30 days included

May 2017: 31 days included

June 2017: 30 days included

173 days