1. Calculate the compound interest on Rs. 1,600 for 3 years at 5% per annum when interest is compounded annually.
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1 .In the first year; S.I=p*r*t. =1600*5*1/100. =Rs.80. A=(P+S.I) =1600+80. =1680Rs.
2 . In the second year; S.I.=p*r*t/100. =1680*5*1/100. =84Rs. A=S.I+p. =1680+84. =1764Rs.
3. In the third year; S.I.=p*r*t/100. =1764*5*1/100. =88.2Rs. A=S.I.+P. =1764+88.2. =1852.2
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