Question

2. Calculate the amount and compound interest on 8000 for 1 year at 9% per annum
compounded half yearly​

Answer 1

Answer:

Compounding period = 6 months

Hence, In one year there are 2 compounding frequency.

Interest per frequency = 9/2 = 4.5%

Compound Interest = (1+4.5%)${2}$ -1 = 1.09025 - 1 = 0.09025 = 9.025%

Amount = Principal * (1 + Compound Interest)

= 8000 x (1 + 9.025%)

= 8736.2

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