Learning Task 1: Answer the questions below. Write your answers in your notebook or answer sheet. 1. Which principal amount simple interest is always calculated on? 2. What is the difference between simple interest and compound interest? 3. Why does interest applicable to the succeeding period increase using a compound interest assumption? 4. Arthur has PHP 19,500 to invest and wishes to gain PHP 8,000 in interest over eleven years. Approximately what is the minimum simple interest rate that Arthur needs to achieve his goal? 5. If you invest PHP 8,600 at a 3.95% simple annual interest rate, approximately how long will it take for you to have a total of PHP 21,000? 6. Grace invests PHP 7,660 in an account paying 7.27% simple interest annually. How much interest has Ike gained after four years? 7. Find the total amount of interest, interest is compounded annually. PHP 2750 at 8% for 2 years 8. Compute the interest earned over the 5 year- term with PHP500,000 as principal using the following compounding periods. Quarterly: PHP242,973.70 Monthly: PHP244,922.85 Semi-monthly: PHP245,416.34 Daily (365 days): PHP245,879.66