Compounded monthly

Find the compound amount if Php 150,000.00 is deposited in a bank paying 9% p.a. compounded monthly for three years.

Correct answer:

x =  196297 Php

Step-by-step explanation:

a=150000 Php  q=9%=1009=0.09  r=1+q/12=1+0.09/12=400403=1.0075 n=3 12=36 m  k=rn=1.0075361.3086 x=a k=150000 1.3086=196297 Php

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