Question

2. In order to have P243,000.00 in 3 years, how much should you invest if the simple interest is 2.5%?​

Answer 1

Answer:

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Step-by-step explanation:

Future amount is $1,000,000.

Rate of interest is 2.5%.

Time of investment is 10 years.

Using the formula for solving the principal;

Principal =FutureAmount1+(RatexTime)

Principal = $1,000,0001+(0.025x10)

Principal = $1,000,0001+0.25

Principal = $1,000,0001.25

Principal = $800,000

Therefore, the rich man should have an initial investment of $800,000.