Question

₹16000 for 2 years at 10% p.a. compounded annually​

Answer 1

Step-by-step explanation:

Given:-

Sum, P=Rs.16000

Rate of interest =10% per annum

Time =2 years

Since the interest is compounded annually.

Therefore,

R=210=5%

n=4

Now, as we know that,

A=P(1+100R)n

∴A=16000(1+1005)4

⇒A=16000×(2021)4

⇒A=16000×160000194481=Rs.19448.1