₱10,000 is deposited at 6% interest compounded annually. Find the maturity value after 2 years.
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Answer: 11236 ₱
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Term 3 · Week 1 · Compound Interest
Basic problem
Common errors to watch for
- Simple interest gives ₱11,200; compound interest earns interest on interest.
Budget of Work competencies
- gm11.t3.w1.c1
Solve problems involving compound interest, including maturity value, future value, nominal rates, and number of terms.