Question 1158132: Julienne deposited her money amounting to P5,500 to her saving account in the CCJE cooperative. If the coop gives 6% interest per annum. How much would her money be after 10 years?
Found 2 solutions by ikleyn, ankor@dixie-net.com:
Answer by ikleyn(52784)   (Show Source):
You can put this solution on YOUR website! .
To solve the problem, we do not need to know the name of this banking institution.
What we REALLY need to know is if the account is compounded or simple.
It is 90% probability that it is compounded, but the problem, had it be formulated PROFESSIONALLY,
should say it directly, openly and explicitly, without leaving the room for the reader for his (or her) guessing or assumptions.
Answer by ankor@dixie-net.com(22740)  (Show Source):
You can put this solution on YOUR website! Julienne deposited her money amounting to P5,500 to her saving account in the CCJE cooperative.
If the coop gives 6% interest per annum.
How much would her money be after 10 years?
:
Assume it is compounded annually A = Ao(1+r)^t, where
A = amt after t time
Ao = initial amt
r = interest rate in decimal form
t = time in yrs
:
A = 500(1 + .06)^10
A = 500(1.06)^10
Find 1.06^10 on your calc
A = 500 * 1.7980477
A = $895.42 after 10 yrs
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