Question

£8,000 for 1 year at 9% per annum compounded half yearly?​

Answer 1

Answer:

720$

Step-by-step explanation:

SI=PTR/100

=8000x1x9/100

=80x1x9

=80x9

=720

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Answer 2

Amount =  £ 8736.2

Compound Interest = £2920.25

Explanation:

Given:

1. £8,000 for 1 year at 9% per annum compounded half yearly

From, that

Principal =  £8,000

No of years =  1 year

Rate of interest =  9%

Compounded Half yearly

To find:

Amount and Compound Interest

formula:

Amount = $p[1+\frac{r/2}{100} ]^{2n$

Substitute the given values in the formula:

Amount = $8000[1+\frac{9/2}{100} ]^{2(1)}$

Amount =$8000[1+\frac{4.5}{100} ]^{2(1)}$

Amount = $8000[\frac{100+4.5}{100} ]^{2(1)}$

$Amount = 8000[\frac{104.5}{100} ]^{2}$

Amount = 80(104.5)^{2} /100

Amount = 8(104.5)² /10

Amount =  £ 8(10,920.25 )/10

Amount =  £ 87362 /10

Amount =  £ 8736.2

Compound Interest = Amount - Principal

Compound Interest = £ 8736.2  -  £8,000

Compound Interest = £736.2