Answered: A bank pays simple interest at the rate…

A bank pays simple interest at the rate of 8% per year for certain deposits. If a customer deposits P10,000 and make no withdrawal for three years what

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

A bank pays simple interest at the rate of 8% per year for certain deposits.
If a customer deposits P10,000 and make no withdrawal for three years what
is the interest earned in that period of time?

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