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Compute for the compound amount and compound interest on Php 1 250 000 principal for 3 years at 3
Compute for the compound amount and compound interest on Php 1 250 000 principal for 3 years at 3.3% compounded quarterly.
Expert Solution
Computation of Compound Amount:
Compound Amount = Principal*(1+Rate/Number of Compounding Periods)^Time*Number of Compounding Periods
Here,
Principal = 1,250,000
Rate = 3.3% compounded quarterly
Number of Compounding Periods = 4 quarters
Time = 3 years
Compound Amount = 1,250,000*(1+3.3%/4)^(3 years* 4 quarters)
= 1,250,000*1.1036
Compound Amount = 1,379,522.48
Computation of Compound Interest:
Compound Interest = Compound Amount - Principal
= 1,379,522.48 - 1,250,000
Compound Interest = 129,522.48
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