3 Questions
What is the compound interest on 8000 for 5 years at 6% per annum interest compounded semi-annually?
The compound interest on 8000 for 5 years at 6% per annum interest compounded semi-annually is $2,464.48.
What is the compound interest on 8000 for 5 years at 6% per annum interest compounded monthly?
The compound interest on 8000 for 5 years at 6% per annum interest compounded monthly is $2,514.85.
What is the formula for calculating compound interest?
The formula for calculating compound interest is A = P(1 + r/n)^(nt), where A is the amount including principal and interest, P is the principal amount, r is the annual interest rate (in decimal), n is the number of times that interest is compounded per year, and t is the time the money is invested for in years.
Test your knowledge of compound interest calculations with this quiz. Calculate the compound interest on $8000 for 5 years at 6% per annum interest compounded semi-annually and monthly.
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