Answer:
Step-by-step explanation:
See image.
What would my final balance be if i put R650 in the bank for 60 Months with an interest rate of 6%
1 answer:
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Answer:
$9450
Step-by-step explanation:
We will use compound interest formula:
Where
F is future amount [what we want to figure out]
P is present amount [9000]
r is rate of interest [since we want for 6 months, the annual interest divided by 2 is r. So r = 10/2 = 5% or 0.05]
t is the time [ the time period is for 6 months so t = 1 since we already converted the interest rate to 6 month chunk]
Putting in formula, we get: