Sonia invested P 2,100 and left it for 9 years where the time in which the principal was withdrawn. The interest rate compounded annually is 8.5%. a. Determine the amount of money after 20th year? b. Determine the effective interest rate. c. Determine the Single Payment Compound Amount Factor. Round your answer into 4 decimal places (nearest ten thousands).

Sonia invested P 2,100 and left it for 9 years where the time in which the principal was withdrawn. The interest rate compounded annually is 8.5%. a. Determine the amount of money after 20th year? b. Determine the effective interest rate. c. Determine the Single Payment Compound Amount Factor. Round your answer into 4 decimal places (nearest ten thousands).

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

ChapterA3: Time Value Of Money

Section: Chapter Questions

Problem 3CE

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