Question

1 Find the amount on £ 5,050 yor 18 month
at the rate of 10% per annoin the intere
being compound Semi-annually​

Answer 1

SOLUTION:-

PRINCIPAL=5050

RATE= 10%

=5% (SINCE IT IS SEMI ANUALLY)

TIME= 18 MONTHS

= 36 MONTHS

= 4 YEARS ( SINCE IT IS SEMI ANUALLY)

NOW ; AMOUNT = P(1+R/100)^4

AMOUNT=7393.705

________________________

COMPOUND INTEREST= AMOUNT-PRINCIPAL

COMPOUND INTEREST= 7393.705-5050

COMPOUND INTEREST= 2343.705

2343.705