Find the compound interest and the total amount for the following:
Principal - Rs. 6.250 Rate -12% yearly
Time - 2 years
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You want to calculate your new prinicpal from:
an initial investement of $6.250
at 12% annual interest,
compounded 2 times per year,
after 2 year(s).
The annual interest rate attached to your money is 12%. Since it is compounded 2 times a year, the interest rate at each compounding time is 12% ÷ 2 or 6%.
Before we start, be sure to convert your interest rate at the time of compounding, 6%, into a decimal by dividing it by 100, so 6% becomes 0.06 for calculation purposes
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