Raju deposited 15000 in an account that pays 5.68% compound interest per year. Find the total amount in the account after 6 years if the interest is compounded half a yearly

Solution

Solution

Amount : 20895.27

Solution steps

Translate the problem into an equation:

A = 15000 (1 + \frac{0.0568}{1})^{1 \cdot 6}

15000 (1 + \frac{0.0568}{1})^{1 \cdot 6} = 20895.27478 \dots

Round to the nearest hundredth:

20895.27

Amount : 20895.27

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