What Is The Maturity Value Of An Account Worth Php 30,000.00 Invested At An Interest Rate Of 2.8% Co

what is the maturity value of an account worth Php 30,000.00 invested at an interest rate of 2.8% compounded annually after 3 years

 

✒ MATURITY VALUE

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\large\sfnderline{Problem:}

  • what is the maturity value of an account worth Php 30,000.00 invested at an interest rate of 2.8% compounded annually after 3 years

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\large\sfnderline{Answer:}

\huge\tt\purple{\:\:\:\:\:Php\: 62,591.21}

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\large\sfnderline{Solution:}

»To find how much is the maturity value of an account, plug the values to the given formula,

  • \large\tt{M = P + P(1+r) ^{t}}
  • \large\tt{M = 30,000 + 30,000(1+0.028) ^{3}}
  • \large\tt{M = 30,000+30, 000(1.028) ^{3}}
  • \large\tt{M = 30,000 + 32,591.21}
  • \large\tt\purple{ M = 62,591.21}

\because The maturity value is Php 62,591.21

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