Find interest on 5000 for 2 years at the
rate of 5% compounded half-yearly.
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Answer:
Calculate:
Total P+I (A)
Where: A = P(1 + r/n)^(nt)
Principal (P): $ 5,000.00
Rate (R): % annual 5
Compound (n): Compounding Semi-Annually (2/Yr)
Time (t in years): 2
Answer:
A = $ 5,519.06
A = $ 5,519.06A = P + I where
A = $ 5,519.06A = P + I whereP (principal) = $ 5,000.00
A = $ 5,519.06A = P + I whereP (principal) = $ 5,000.00I (interest) = $ 519.06
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