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