ECONOMICS
COMPOUND INTEREST
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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At what nominal rate compounded quarterly will P24, 000 accumulate to P30, 000 in 4 years?
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0.056%
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5.62%
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5.63%
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0.056%
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Explanation:
Detailed explanation-1: -At what nominal rate compounded quarterly will P24, 000 accumulate to P30, 000 in 4 years? All tutors are evaluated by Course Hero as an expert in their subject area. Nominal rate is the annual interest rate which may be compounded more than once a year. Therefore, the nominal rate is 5.62%.
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