Find amount and Compound interest if principal is 16000 rate is 15% yearly and time is 3 years
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Step-by-step explanation:
interest, I=16000
time, n=3
rate, r=15%
=15/100
=0.15
amount,P=I/nr
=16000/3X0.15
=800
compound amount,C=P(1+r)n
=800(1+0.15)3
=800(1.15)3
=800X1.520875
=1216.7
compound interest =C-P
=1216.7-800
=416.7
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