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Popular Word Problems >

Refer to the given information to answer Questions 4 and 5.:K8 000 is invested for 12 years at 12% pa. The interest is compounded half-yearly.:Calculate the amount after 12 years.

Solution

R e f er t o t h e g i v e n in f or ma t i o n t o an s w er Q u es t i o n s 4 an d 5. : K 8000 i s in v es t e d f or 12 ye a rs a t 12% p a . T h e in t eres t i s co m p o u n d e d ha l f - ye a r l y . : C a l c u l a t e t h e am o u n t a f t er 12 ye a rs .

Solution

Amount : 32391.48

Solution steps

Translate the problem into an equation:

A = 8000 (1 + \frac{0.12}{2})^{2 \cdot 12}

8000 (1 + \frac{0.12}{2})^{2 \cdot 12} = 32391.47713 \dots

Round to the nearest hundredth:

32391.48

Amount : 32391.48

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