How much Ione invest if she wants to have P19,640.62 at the end of 2.75 years at a bank that offers 11(1/4)% simple interest.
A=P(1+in).................(i)
Where is the accumulated amount, is the principal invested , is the interest rate and is the time period for accumulation
We are given:
, and years
Substitute this values to equation Above:
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