Answer to Question #270660 in Financial Math for Jjjjjjjjjjjj Dahja

Question

How long will Php 60,000 accumulate to Php 62, 430 if the simple interest rate agreed is 1.50%?

Answer 1

$A=P(1+rt)$

$62420=60000(1+0.015t)$

$t=(62420/60000-1)/0.015=2.69$ years