If P20,000 will accumulate to P45,758.55 in 4 years, what is the interest rate compounded semi-annually?
for compounded interest rate:
, where P - current amount, R - initial amount, i - annual interest rate, n - number of payments in one year, t - number of years
In 1 year there will be 2 payments if payments are semi-annualy. So
approximately 21.8%
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