calculate the amount received by Amit if 768000 is lent out by him for 3 years at 5% per annum compounded semi annually
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Answer:
amount=890644.5451
Step-by-step explanation:
Principle= 768000
rate=5%per annum=2.5%per half year
time=3 years =6 half years
Amount=P(1+R/100)^t
=768000(1+2.5/100)^6
=768000(1+1/40)^6
=768000×41/40×41/40×41/40×41/40×41/40×41/40
=890644.5451
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