Question

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

Answer 1

Answer:

3,500 will be the answer to your question

Step-by-step explanation:

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Answer 2

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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