3. Citibank pays 9% ordinary simple interest on a 30-day time deposit. If Gino deposits Php 1 500.00, how much will he have using: a. Exact interest b. Ordinary interest 4. After solving the problem in number 3, what conclusion can you draw between ordinaryand exact interest? If you are the banker, what kind of interest will you use and why?How about if you are the depositor?
3. Citibank pays 9% ordinary simple interest on a 30-day time deposit. If Gino deposits Php 1 500.00, how much will he have using: a. Exact interest b. Ordinary interest 4. After solving the problem in number 3, what conclusion can you draw between ordinaryand exact interest? If you are the banker, what kind of interest will you use and why?How about if you are the depositor?
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
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SOLVE FOR NUMBER 4 ONLY
3. Citibank pays 9% ordinary simple interest on a 30-day time deposit. If Gino deposits Php 1 500.00, how much will he have using:
a. Exact interest
b. Ordinary interest
4. After solving the problem in number 3, what conclusion can you draw between ordinaryand exact interest? If you are the banker, what kind of interest will you use and why?How about if you are the depositor?
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