alissapt19 alissapt19
  • 11-11-2019
  • Mathematics
contestada

$1 invested for 1 Year at 7.2% compound semiannually

Respuesta :

rani01654 rani01654
  • 15-11-2019

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 [tex]\frac{7.2}{2} = 3.6[/tex]%.

Therefore, the invested money will become [tex]1\times [1 + \frac{3.6}{100} ]^{2}[/tex]  

= $1.073

Therefore, the interest obtained will be $(1.073 - 1) = $0.073. ( Answer )

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