Mrs. Cartel Deposit P6500 Into Account Paying 8% Annual Interest Compounde…

Mrs. Cartel deposit P6500 into account paying 8% annual interest compounded monthly, how much money will be in the account after 7 years?

Answer:

The approximate future value will be Php11,390.00.

Step-by-step explanation:

Problem:

The maturity or future value of principal Php6,500 at 8% annual interest compounded monthly after 7 years.

Formula:

[tex]A=P[1+\frac{r}{n}]^{nt}[/tex]

Where:

•    A = final amount or maturity value (Unknown)
•    r = compound interest rate (8% or 0.08)
•    n = number of compounding period per year, (monthly = 12)
•    t = time elapsed in years (7 years)
•    P = principal amount (Php6,500)

Solution (substitute given values):

A = 6,500 [1 + (0.08/12)]⁽¹²⁾⁽⁷⁾

A = 6,500 [1 + 0.0067]⁸⁴

A = 6,500 (1.0067)⁸⁴

A = 6,500 (1.7523)

A = 11,389.95

A ≈ 11,390.00

The approximate future value will be Php11,390.00.

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