General Mathematics

Direction: Using the compound interest formula, solve the following compound interest word problems.

1. A deposit of Php 375,000.00 earns 7.5% interest compounded quarterly. How much money is in the bank after for 6 years?

2. If you start a bank account with Php 15,000.00 and your bank compounds the interest quarterly at an interest rate of 8%, how much money do you have at the year's end?

3. A principal of $2,000.00 is placed in a savings account at 3% per annum compounded annually. How much is in the account after one year, two years and three years?

Ps. The formula is in the picture given.

Formula for Compound Interest: A = P(1+!)" Where: . A = amount . P = principal . r = interest rate n = number of times interest is compounded per unit 't' . t = time