Suppose you took loan from a bank of amount 800£ at 8% interest compounded semi-annually for three years. Find the compound interest.
S= p (1+r/100) ^ n
= 800(1+ 8 /100) ^ 3
= 800 ( 1.2598)
= 1007.76
C= s – p = 1007.76 – 800 = 207.76
= 800(1+ 8 /100) ^ 3
= 800 ( 1.2598)
= 1007.76
C= s – p = 1007.76 – 800 = 207.76