3. Suppose an investment of P100,000 was made, and it matured to P104,070.70 after eight (8) compounding periods at 2% interest. How many compounding periods were there in a year?
Rubric for scoring:

P. s: I only need the answer for number 3 and I need a serious one asap

Problem 3

4 compounding periods per year

In other words, the money is being compounded quarterly

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Explanation:

The compound interest formula is

The variables are

In this case, we have

So,

So it appears that we're compounding the money n = 4 times a year (aka quarterly) and doing so for 8/4 = 2 years.

Note how,

which helps confirm the answer.

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step-by-step explanation: