Question: I need help for letter b. Please indicate what should i put in those months 2 Determine the future value if Php 55,000 is invested

I need help for letter b. Please indicate what should i put in those months

I need help for letter b. Please indicate what
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 a) exact interest for the approximate time; b) ordinary interest for the actual time? Solution: a ) Approximate Time Month Jan Feb Mar Apr May Jun Jul Aug Sept Oct Total No. of days 30 - 2 = 28 30 30 30 30 30 30 30 30 7 268 F = P(1+ rte) te = No. of days / 365 F = 55,000 [1 + (0.08)(268/365)] Answer: b) Actual Time Month Jan Feb Mar Apr May Jun Jul Aug Sept Oct Total No. of days F = P (1+ rto) to = No. of days / 360 F =

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