Question: I need help doing this only for Letter B. 12 2 Determine the future value if Php 55,000 is invested from January 2 , 2019

I need help doing this only for Letter B.

12 2 Determine the future value if Php 55,000 is invested from January 2 , 2019 to October 7, 2019 at 8% simple interest rate using 13 a) exact interest for the approximate time; 14 b) ordinary interest for the actual time? 15 16 Solution: 17 a ) Approximate Time 18 Month Jan Feb Mar Apr May Jun Jul Aug Sept Oct Total 19 No. of days 30 - 2 = 28 30 30 30 30 30 30 30 30 7 268 20 21 F = P(1+ rte) te = No. of days / 365 22 F = 55,000 [1 + (0.08)(268/365)] 23 24 Answer: 25 26 b) Actual Time 27 Month Jan Feb Mar Apr May Jun Jul Aug Sept Oct Total 28 No. of days 29 30 F = P (1+ rto) to = No. of days / 360 31 F = 32 33 Answer: 34

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