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Answer:
Future value, A = $10,500
Step-by-step explanation:
<u>Given the following data;</u>
Principal = Rs. 10,000
Interest rate compounded half yearly = 10% = 10/2 = 5%
Time = 1 year
To find the future value, we would use the compound interest formula;
Where;
- A is the future value.
- P is the principal or starting amount.
- r is annual interest rate.
- n is the number of times the interest is compounded in a year.
- t is the number of years for the compound interest.
Substituting into the equation, we have;
<em>Future value, A = $10,500</em>