How much interest will TK. 1,000 earn in one year at an annual rate of 8% if interest is compounded every 6 months ?
Created: 6 years ago |
Updated: 1 year ago
best des
Interest of 1st 6 months = 1000*8% = 80/2 = 40
∴ Sum = 1000 + 40 = 1040
now, Interest of last 6 months = 1040*8% = 83.2/2 = 41.6
Thus, Sum of Interest in year = (40 + 41.60) = 81.60
Md Azizur Rahman
Founder of Satt
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