Question

you take out a php 20,000 loan at a 5% interest rate if the interest is compounded annually how much will you after 10 years?​

Answer 1

the future value is 32,577.89

Explanation:

The computation of the amount after 10 years is shown below:

As we know that

Future value = Present value × (1 + rate of interest)^time period

= 20,000 × (1 + 0.05)^10

= 32577.89

Hence the future value is 32,577.89