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Answered

How much interest will Mika earn if she saves her Christmas present amounting to Php3,000.00 for 5 years with an interest rate of 3% ?

Sagot :

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Step-by-step explanation:

A = ₱3,450.00

I = A - P =₱450.00

Equation:

A = P(1 + rt)

Calculation:

First, converting R percent to r a decimal

r = R/100 = 3%/100 = 0.03 per year.

Solving our equation:

A = 3000(1 + (0.03 × 5)) = 3450

A = ₱3,450.00

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