Question

calculate the compound interest on rupees 16000 for 3 years at 5% per annum compound annually​

Answer 1

Answer:2522

Step-by-step explanation:

P(1+r/100)^t=amount+compound interest

Therefore

16000(1+5/100)^3

16000(21/20)^3

16000*21/20*21/20*21/20

2*21*21*21

18522=amount

Compound interest=amount-principal

=18522-1600

=2522

2522 is the compound interest