Answer to Question #270660 in Financial Math for Jjjjjjjjjjjj Dahja

Question #270660

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

Expert's answer

"A=P(1+rt)"

"62420=60000(1+0.015t)"

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

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