Question

find the compound interest on 20,000 for 1 year at 8% per annum interest being compounded half year.​

Answer 1

Answer:

Rate = 8% but as Given in Question its compounded half yearly so Rate/2= 8/2= 4%

Now For First year is            4%

              Second year is       4% + 4*4/100 = 4.16%

               Total                       8.16%

Now Calculating 20,000 * 8.16/100= 200 * 8.16 = 1632 (its compound interest)

Total amount would become 20,000 + 1632 = 21632

Step-by-step explanation: