For Bank B, the interest is compounded monthly. source: helpinhomework.org Hence Principal = R2 000Time = 3 years 2 months = 38 monthsInterest rate = 󰀮 = 0.0079167The amount obtained isS = P (1 + R) T S = 2000 (1 + 0.0079167) 38 S = R2 698.77

The gross profit of Ana’s sari-sari store last year was 40% of the total sales. source: helpinhomework. org How much was the gross profit if total sales were P480,500?a. P100,000 b. P192,500 c. P192,200 d. P500,120

Determine the current amount of money that must be invested at 12% interest compounded monthly to provide an annuity of $10,000 per year for 6 years, starting 12 years from now. The interest rate remains constant over this entire period of time.

Why is compound interest preferable to the simple interest

a. Compound interest pays at least double the interest on the principal during each month.

b. Compound interest is paid by the week or by the month, not only once during a year.

c. Compound interest is based on the entire principal, not just a percentage of the principal.

d. Compound interest pays interest on the principal and the interest earned in each period.