How much interest will Tk. 2,000 earn at an annual interest rate of 8% in one year, if the interest is compounded every six months?
Created: 6 years ago |
Updated: 2 years ago
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Here, Principal, P = 2000 TK, Rate of interest, r = 8%, Repetition of time period(1 year), t = 1 & Interest compounded (n = 2) times within a year(every six months).
Compound interest, I = P(1 + r/n)nt - P = 2000(1 + (8/100)/2)(2x1) - 2000 = 2000(208/200)2 - 2000 = 163.2 TK
Md Azizur Rahman
Founder of Satt
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