Finding the Principal from Compound Interest (Half-Yearly)
Finding the Principal from Compound Interest (Half-Yearly)
Secondary 3
Darius invested some money in a savings account for \(2\)years.
The rate of compound interest was fixed at \(10\%\) per annum compounded half-yearly.
At the end of the \(2\) years there was \(\$9724.05\) in his account.
How much did he invest in the account?
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Answer:\(\$8\,000\).
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