Answered: COMPOUND INTEREST 1. Mr. Iman purchased…

COMPOUND INTEREST 1. Mr. Iman purchased an antique souvenir for P12,500. Ten years later, he sold this item for P35,000. If the item is viewed as an investment, what annual rate did he earn?

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

COMPOUND INTEREST
1. Mr. Iman purchased an antique souvenir for P12,500. Ten years later, he sold this item for
P35,000. If the item is viewed as an investment, what annual rate did he earn?

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