Question

3. A woman deposits Php 23,200 into her account. How much would

the annual interest be if its interest rate is 6_%?​

Answer 1

(assuming simple interest)

I'll setup the problem and you can do the computation

Explanation:

The formula for simple interest:

I = P*r*t

P = deposits

r = interest rate per period (a year)

t = number of periods

P = Php 23,200

r = 0.06

t = 1

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