Business Studies, asked by faithdomalaon9, 5 hours ago

Mr. Lopez is receiving a bonus P15,000 every three months as an employee. He decided to invest his bonuses in an investment having a simple rate of interest of 10% per annum. How much his simple interest amount at the end of 2016 if he started investing at the beginning of January 2014?​

Answers

Answered by mbhagyshree297
0

Explanation:

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Answered by qwwestham
0

Given:

Principle amount = P15,000 every 3 months

Rate of Simple Interest =10%

Time in years = 2014 to 2016

To find:

Simple Interest at the end of 2016.

Solution:

Principle Amount : [ (15000 × 4) × 3 ]

The original amount is P15000 every 3 months. In one year it's

 \frac{12}{3}

times i.e. 4 times a year.

Since it started in the beginning of 2014 and ends at the end of 2016 the time in years would be 3 years.

Principle amount = P180,000

Simple Interest rate = 10% per annum

Time = 3 years.

Time starts from 2014 January to 2016 end i.e. December. So it's 3 years.

Simple Interest Formula

 \frac{prt}{100}

 \frac{180000 \times 10 \times 3}{100}

= 18000 × 3

= 54000

Therefore, the S.I. at the end of 2016 is P54,000

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