3. A loan of P125,000 at 8% compounded quarterly was paid back with an amount of P176,000 at the end of the period. For how long was the money borrowed?
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Answer:
t=4.3198 years
Step-by-step explanation:
m=number of times compounded annually
t=time in years
r=interest rate
p=principal value
a=amount
Given:
p=125000
r=0.08
A=176000
m=4 (compounded quarterly)
Find:
t=?
use logarithm ;
substitute the values;
17. 2790 = 4t
t= 4.3198 years Ans.
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