In what time will 2000 amount to 2662 at 20%p.a. compounded half yearly
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We use the accumulation factor for compound interest.
C(1+i)^n=A
2000(1.20)^2n since it compounded semiannually
2000(1.20)^2n=2662
(1.20)^2n=1.331
2nlog1.20=log1.331
0.15836n=0.12418
n=0.784years
C(1+i)^n=A
2000(1.20)^2n since it compounded semiannually
2000(1.20)^2n=2662
(1.20)^2n=1.331
2nlog1.20=log1.331
0.15836n=0.12418
n=0.784years
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