if the interest is compounded half yearly calculate the amount when the principal is 7000 the rate of interest is 5% per annum and the duration is 1 years
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Interest for 6 months = I = P r t = 7000 * 5/100 * 1/2 = 175
Total sum after 6 months = 7175
interest for next 6 months = 7175 * 5 /100 * 1/2 = 179.375
Sum after 1 yr = 7175 + 179.38 = 7 354.38
Total sum after 6 months = 7175
interest for next 6 months = 7175 * 5 /100 * 1/2 = 179.375
Sum after 1 yr = 7175 + 179.38 = 7 354.38
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