Barkha deposited a sum of Rs. 1000 in a bank. She gets an interest of 8%, compounded semi-annually. What amount that she will get after 2 years?
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Rs. 1000 have been deposited in a bank at interest rate of 8% compounded annually.
The formula for future amount in a compound based interest (calculated annually) is
A=P(1+r)
t
where P,r and t are the principle amount,interest rate and time(in years) respectively.
Calculating for P=1000,r=0.05 and t=12
A=1000(1+0.05)
12
⇒A≈ Rs. 1795.85
Step-by-step explanation:
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