No.
It is compounded twice a year. The formula is A=P(1+rt) P is how much is put in, r is the percentage as a decimal, t is how many times it is compounded a year so in this case it would be 2. So if deposited $1000 in a bank at 8% that is compounded semi annually, the formula would look like this. A=$1000(1+.08(2))
$22334
189.89
Only if the 1% per month is compounded annually and not monthly.
No.
It is compounded twice a year. The formula is A=P(1+rt) P is how much is put in, r is the percentage as a decimal, t is how many times it is compounded a year so in this case it would be 2. So if deposited $1000 in a bank at 8% that is compounded semi annually, the formula would look like this. A=$1000(1+.08(2))
9.066% annually compounded or 8.87% semi-annually compounded.
It depends on how many times the interest is compounded in a year. If it compounded semi annually then the APR would be 4.841402
Twice
twoo '
It is 52936.72
if my math is correct at the end of the 5 years it should be 2858.58
$22334
189.89
The definition of periodic interest rate is an interest rate figured over a specific time frame. Compound interest is also figured on a specific time frame. For instance, some interest is compounded quarterly, some is compounded annually or semi-annually, or even monthly.
$16,105.10 if compounded yearly, $16,288.95 if compounded semi-annually, $16,386.16 if compounded quarterly, $16,453.09 if compounded monthly, and $16,486.08 if compounded daily.