$1 invested for 1 Year at 7.2% compound semiannually
1 answer:
Answer:
Sum = $1.073
Interest = $0.073
Step-by-step explanation:
Given that $1 is invested for one year at 7.2% interest which compounds semi-annually.
Semi-annual means there should be two equal intervals in a year i.e. 6 months interval.
Now, the semi-annual rate of interest is %.
Therefore, the invested money will become
= $1.073
Therefore, the interest obtained will be $(1.073 - 1) = $0.073. ( Answer )
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