Anne Katz, owner of Katz Sport Shop, loans $8,000 to Shelley Slater to help her open an art shop. Shelley plans to repay Anne at the end of 8 years with interest compounded semiannually at 8 percent. At the end of 8 years, Anne will receive?
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In our school we all must have had come across this formula:
Amount = Principal (1+Rate of Interest/100) ^ Time
Now, here the interest is getting compounded semi-annually, hence, the number of time periods would double and the rate of interest would be divided by two. So, it shall be put as
So, Shelly will have to repay Anne $14983.85 at the end of eighth year.