hi there..heres a question that bothers me a lot..hav exams tommrrow..pliz help..
the question is done using compound interest formula
question:$500 is deposited on 1 january 1996 in an account paying 12% compounded half yearly.on 1 january 1999, $400 was deposited in another accountpaying 15.5% per annum effective.find the time when the two accounts will be of equal value..using axact method..
the answer is 20.780 years..but i dont know the working a how to derive to the answer..
pliz help,,..many thanks..enjoy
the question is done using compound interest formula
question:$500 is deposited on 1 january 1996 in an account paying 12% compounded half yearly.on 1 january 1999, $400 was deposited in another accountpaying 15.5% per annum effective.find the time when the two accounts will be of equal value..using axact method..
the answer is 20.780 years..but i dont know the working a how to derive to the answer..
pliz help,,..many thanks..enjoy