In how much time in years an amount of 64000 will become 68921 , if rate of interest is 5% per annum , compounded half yearly
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P=64000,A=68921, i=5% half yearly 5/100*1/2=0.025
n=half yearly, 1year=2 half year
Formula
A=P(1 + i)power n
68921=64000(1+0.025)power 2
Solve it
Ans is 1.025 this ans half year
Then full year calculate
1.025*2=2.05years
Completed
P=64000,A=68921, i=5% half yearly 5/100*1/2=0.025
n=half yearly, 1year=2 half year
Formula
A=P(1 + i)power n
68921=64000(1+0.025)power 2
Solve it
Ans is 1.025 this ans half year
Then full year calculate
1.025*2=2.05years
Completed
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