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Miko has P250,000 to invest at 6% compounded monthly. Find the maturity value if he invest for (a) 2 years ? (b) 12 years ? (c) How much is the additional interest earned due to longer time.

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Answer:

250,000 x. 6 =150,000 interest

A.150,000 X 24 months (2 yrs) =3,600,000

B.150,000 X 144 months (12 yrs) =21,600,000

C. 21.600,000 - 250,000 =21,350,000

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