Question

Find the sum of money that amounts to Php992 in 4 years at per annum.

Answer 1

Step-by-step explanation:

We know,A= 100PTR

Where:

A= the future value of the investment/loan including interest

P= the principal investment amount (the initial deposit or loan amount)

r= the annual interest rate

t= the time the money is invested or borrowed

11200= 100P×3×4

∴P= 3×411200×100

=93,333.3

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