Question

Find the amount and compound interest on 16,000 for 4 years at 8% per annum,
compounded annually.​

Answer 1

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Answer 2

Answer:

Amount = 21,767.82

Interest = 57,67.82

Step-by-step explanation:

$A=P(1+\frac{r}{100} )^{n}$ ................ where A is the amount, P is the principle value, r is the rate of interest, and n is the number of years.

⇒$A= 16000(1+\frac{8}{100})^{4}$

⇒$A=16000(\frac{108}{100})^{4}$

⇒$A=16000(\frac{13,60,48,896}{10,00,00,000} )$

⇒$A=16(\frac{13,60,48,896}{1,00,000} )$

⇒$A=\frac{2,17,67,82,336}{1,00,000}$

⇒$A=21,767.82336$ ≈ $21,767.82$

Now,

  I = A-P .......... where I is the compound interest

⇒I = 21,767.82-16,000

    = 5,767.82