calculate the amount and compound interest on 6 2500 for 1 year at 8% per annum compounded half yearly
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Please read below, because this question is a little tricky!
We are with 8% per annum (per year)
It is telling us to compound interest half yearly ( 1 year ÷ 2)
That means for 8% per year, we also have to make it for half year so ,
8 's half yearly rate is 4
[4 = (8÷2)]
Now we will equate the answer and it becomes easy
Sorry for bad writing, I was in hurry sorry
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