Mr zubair deposits $60, 000 into a bank, which pays 4% interest that is compounded semiannualy. what will he have in his account
at the end of five years and compound interest amount?
1 answer:
Answer:
• Amount in bank after 5 years = $73,140
• Compound interest = $13,140
Explanation:
The bank pays the interest semi-annually but the interest in quoted annually.
The periodic rate is:
= 4%/2
= 2%
The period will be:
= 5 years * 2 semi annual periods
= 10 semi annual periods.
Amount in bank after 5 years:
= 60,000 * ( 1 + 2%)¹⁰
= $73,140
Compound interest amount is therefore:
= 73,140 - 60,000
= $13,140
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