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Find the total amount and total interest after one year if the interest is compounded half yearly


Principal = 4000

Rate of interest = 10% per annum

Total amount =

Total interest =

Respuesta :

jackpo0703
Use the equation:
Total amount=p(1+(r/k))^(k*t)
p=principal
r=rate
k=number of times compounder per year
t=number of years
So 4000(1+(.10/2)^(2*1)=4410
4410 is the total amount owed
4410-4000=410
410 is the total interest owed

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