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01-12-2020
Mathematics

contestada

At what interest rate will P20,000 accumulate to P26,080 in 8 years time?

Respuesta :

PiaDeveau PiaDeveau

07-12-2020

Answer:

Rate of interest = 3.8%

Step-by-step explanation:

Given:

Initial amount p = 20,000

Final amount p + I = 26,080

Number of year t = 8 year

Find:

Rate of interest

Computation:

I = 26,080 - 20,000

I = 6,080

I = PRT

6,080 = (20,0000)(r)(8)

Rate of interest = 3.8%

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