Laboni bought a 1-years, tk. 10,000 certificate of deposit that paid interest at an annual rate of 8 percent compounded semiannually. What was the total amount of interest paid on this certificate maturity?

Laboni bought a 1-years, tk. 10,000 certificate of deposit that paid interest at an annual rate of 8 percent compounded semiannually. What was the total amount of interest paid on this certificate maturity?

A Tk. 10,464

B tk. 864

C tk. 816

D tk. 800

Solution

Correct Answer: Option C