A man deposited 2,000 into a bank that paid compound interest of 3.28% compound half yearly. He continued depositing $2,000 into the bank every six months.Calculate the amount of money he had after he made his fifth deposit of $2,000,giving your answer correct to the nearest cent.
I need help to solve this question in an easy way acceptable for O level. Also I have a doubt about whether the interest given(3.28%) is annual interest or half year interest as in the question,it is not mentioned clearly.
How to solve this compound interest problem?
PSLE marks the graduation of Primary school students and their entry into Secondary schools as teenagers. Discuss all issues about Secondary schooling here.