What interest rate per annum is a fund paying its clients if the third to the last payment of a depositor became php 1,040.40 from an initial savings payment of php 1,000.00?

1.3%

Step-by-step explanation:

To find rate of interest (r) per annum for a fund deposit by depositor .

Initial saving payment  P= $1,000

Amount after three years A =$1,040.40

we know that

r=0.013×100=1.3%

The interest rate per annum if a fund paying its clients is the third to the last payment of a depositor became Php 1,040.40 from an initial savings payment of Php 1,000.00 is 1.32%

To get the interest rate, we will use the formula for calculating the compound interest as shown:

P is the amount of investment

n is the time of compounding

t is the time

A is the amount after t years

Given the following parameters

P = 1,000.00

A = Php 1,040.40

n = 1

Substitute the parameters into the formula

Hence the interest rate per annum if a fund paying its clients is the third to the last payment of a depositor became Php 1,040.40 from an initial savings payment of Php 1,000.00 is 1.32%.

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