Question

In what time will ` 3300 become ` 3399 at 6% per annum interest compounded half-yearly?

Answer 1

Answer:

A =P (I +r/200) 2n

3399=3300(1+6/200)^2n

3399=3300 (1 +3/100)^2n

(1+3/100) 2n = 3399 / 3300

(103/100)^2n = 3399/3300

1.03^2n = 1.03

2n = 1

n = 1/2 yr