7. Find the amount of 12,000 at 10% per annum compounded half-yearly for one and a half-years. а
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Formula:
A=P(1+r/n)^nt
A is the final amount
P is the initial principle balance
R is the interest rate
N is the number of interest applied per time period
T is the number of time periods that have elapsed
The time period right now is half a year.
A= 12000(1+0.1/2)^3
A= 12000(1.05)^3
A= 12000(1.157625)
A= 13891.5
remember PEMDAS
Final amount- 13891.5
A=P(1+r/n)^nt
A is the final amount
P is the initial principle balance
R is the interest rate
N is the number of interest applied per time period
T is the number of time periods that have elapsed
The time period right now is half a year.
A= 12000(1+0.1/2)^3
A= 12000(1.05)^3
A= 12000(1.157625)
A= 13891.5
remember PEMDAS
Final amount- 13891.5
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