Question

Calculate the compound interest on 1,600 for 3 years at 5% per annum compounded annually.​

Answer 1

A=P(1+R/100)^N

A=1600(1+5/100)³

A=1600(1+1/20)³

A=1600(20/20+1/20)³

A=1600(21/20)³

A=1600×21/20×21/20

A=1764 rupees

C. I = A - P

=1764 - 1600

=164 rupees

Answer 2

The compound interest is Rs.80

Step-by-step explanation:

Principal = 1600

Time = 3 years

Rate of interest = 5%

No. of compounds per year = 1

Formula : $A=P(1+r)^t$

Substitute the values in the formula :

$A=1600(1+0.05)$

Amount = 1680

Compound interest = Amount - Principal

Compound Interest = 1680 - 1600

Compound interest = Rs.80

Hence The compound interest is Rs.80

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