Answered

If money is worth 6 1/4% some interest, what is the present value of P8,250.00 due in 2 years and 6 months?

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GONZALESJOWEL979GO

Answer:

6,187 PESOS AND 5 CENTAVOS

Step-by-step explanation:

PRINCIPAL = 8,250 PESOS

RATE = 6 1/4% OR 0.0625%

TIME = 2 YEARS AND 6 MONTHS

8,250 PESOS × 0.0625% = 515 PESOS AND 625 CENTAVOS

515 PESOS AND 625 CENTAVOS × 2 YEARS = 1,031 PESOS AND 25 CENTAVOS

1,031 PESOS AND 25 CENTAVOS × 6 MONTHS =

6,187 PESOS AND 5 CENTAVOS

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