Question

Mr. Wong deposits $2000000 in a bank, and he will receive a simple interest of $400000 after 2 years. Afterwards, the amount obtained will be deposited in another bank at the same annual interest rate, but the interest will be compound half-yearly. How much will he receive after 2 more years?

Answer 1

£600

Explanation:

You borrow $4,500 for six months at a simple interest rate of 8%. How much is the interest?

John borrows $2400 for 3 years at 9% simple interest. How much will he owe at the end of 3 years?