Find the compound interest on $30000 in 2years at 4% per annum, the interest being compounded half-...

Gain Calculator / Auto Solver

Find the compound interest on $ in years at % per annum, the interest being compounded half - yearly?

Solve

Calculated Answer

2472.9648

Step by Step Solution

In order to solve problem, you must evaluate n₀ * (n₂ / 100) / n₁ + 1^n₂ - n₀.

• n₀ * (n₂ / 100) / n₁ + 1^n₂ - n₀

• Evaluate n₂ / 100 = 0.04

  n₀ * 0.04 / n₁ + 1^n₂ - n₀

• Evaluate 0.04 / n₁ = 0.02

  n₀ * 0.02 + 1^n₂ - n₀

• Evaluate 0.02 + 1 = 1.02

  n₀ * 1.02^n₂ - n₀

• Evaluate 1.02^n₂ = 1.08243216

  n₀ * 1.08243216 - n₀

• Evaluate n₀ * 1.08243216 = 32472.9648

  32472.9648 - n₀

• Evaluate 32472.9648 - n₀ = 2472.9648

  2472.9648
• The answer to the problem and the result of n₀ * (n₂ / 100) / n₁ + 1^n₂ - n₀ is 2472.9648