An amount of 5000 is invested at a fixed rate of 8 percent per annum. What amount will be the value of the investment in five years’ time, if the interest is compounded every six months?
- Rs. 7890.45
- Rs. 7401.22
- Rs. 3456.32
- None of these
Explanation
Convert annual rate to half-yearly → 8% ÷ 2 = 4%
Multiply time in years by 2 → 5 × 2 = 10 periods
Apply formula: A = 5000(1.04)¹⁰ = 7401.22
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