How long will have to wait

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Problem 1: Rico invested P5,000 for 3 years at 8%.

a) Find the amount of simple interest.

b) Find the compound interest if interest is calculated once per year.

Problem 2: Jun wants to save P500,000 before he buys his first car, and he has P50,000 right now to invest at 5$ interest compounded monthly, how long will he have to wait?

Reference no: EM132729304

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