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2 Problem Set 2 Compound Interest

The document is a problem set for a general mathematics course focusing on compound interest calculations. It includes five word problems requiring students to analyze given information, apply relevant formulas, and show complete solutions with rounding. Each problem is worth 5 points, totaling 25 points, with a time allotment of 30 minutes for completion.

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3 views2 pages

2 Problem Set 2 Compound Interest

The document is a problem set for a general mathematics course focusing on compound interest calculations. It includes five word problems requiring students to analyze given information, apply relevant formulas, and show complete solutions with rounding. Each problem is worth 5 points, totaling 25 points, with a time allotment of 30 minutes for completion.

Uploaded by

geltrudeasbok
Copyright
© All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd

GENERAL MATHEMATICS

SECOND GRADING PERIOD


PROBLEM SET #2: COMPOUND INTEREST

NAME: _________________________________ DATE: ______________________


GRADE AND SECTION: __________ SCORE:
25
PROBLEM SOLVING
Read and analyze the given word problems in each item, then answer the question/s that follow/s.
Show your complete solution start by identifying the given, followed by writing the formula to be used,
substitution, and simplifying your answer. Do not forget to round off your final answer to the nearest
hundredths. Each item is worth 5 points, for a total of 25 points. (Time allotment: 30 minutes)

1. Enrique Gil puts Php 40,000 into a savings account that pays interest every month at a rate of 2%
per year. How much money will Enrique have after 3 years and how much is the compound interest
will be added to his money?

2. Daniel Padilla currently have Php 1,089,939.89 in his savings account he opened 6 years ago. His
account had an interest rate of 5% compounded annually. How much money did Daniel use to open
his savings, and how much was the compound interest?

3. Kharille deposits Php 5,200 into a savings account that has 3.5% interest rate compounded
monthly. What will be the balance of Kharille’s savings account after two years? How much is the
total compounded interest?
4. Jordan borrowed Php 65,000. The bank loans him the money at 7.25% compounded annually and
would like him to pay off in 5 years. How much will Jordan pay off?

5. Myra plans to invest on a bank that will make her gain money for three years with a principal amount
of Php 21,500. Two banks presented two different offers. Bank A offers interest rate of 5%
compounded semi-annually, while Bank B offers an interest rate of 2.5 % but is compounded
quarterly. How much money will Myra receive after three years, if she decided to choose Bank A?
How about if she decided to choose Bank B? Which bank will be her best option?

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