SOLUTION: a person invests rs 1000 at 10% compound interest of two years.then he invests the maturity amount for 1 year at10% compound interest for compounded half-yearly. what is the total

Question 1011890: a person invests rs 1000 at 10% compound interest of two years.then he invests the maturity amount for 1 year at10% compound interest for compounded half-yearly. what is the total amount he receives at the end of three years
Answer by addingup(3677) (Show Source): You can put this solution on YOUR website!
the formula for compound interest is:
A= P(1+r/n)^nt
where:
A is the final amount
P is the initial investment (rs 1000)
r is the interest rate (10%/100= 0.10)
n is the number of periods (compounded half yearly will be 2 periods)
and finally, the exponent:
nt is the number of periods times the number of years
Since I don't understand "interest of two years" and I don't want to give you a bad answer, please plug in the numbers in the above formula and work your calculator to get your answers.
J
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