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2014-05-12T20:18:53+08:00

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If you are referring to annual interest, then he needs to deposit P 20, 000.

1,600 is 8% of 20,000

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2014-05-13T09:40:09+08:00

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Let n be the answer or the man should deposit.
nx.08=1600 
n=20,000pesos
checking  20000 x.08 =1600 because the 8% of 20000 is 1600
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