Question

$80000 was put in a fixed deposit dccount on 1st January, 2020 for 6 months. The rate of interest was 7.5% per annum. On 1st of July 2020, the total amount received was reinvested for a further 6 months at 7% per annum. Calculate the final amount received at the end of the year.​

Answer 1

Answer:

$85,905

Step-by-step explanation:

For the first six months, you'd divide it in half for 6 months, which makes your percent 3.75%. Then you'd make it a decimal, which is 0.0375. Now you multiply 80,000 by this. Your answer is $3,000. Now you add it onto the $80,000. This means that the first six months is $83,000

For the second 6 months, you'd do the same steps but with 7% and $83,000 this time. This makes the second six months is $85,905.

This means your total is $85,905

Answer 2

14,51257947855798659965