Question

find the amount and compound interest on rupees16000 for 4 years at 8% per annum compounded annually.




solve the word problem​

Answer 1

Answer:

Amount = 21,760 and Compound interest = 5760

Step-by-step explanation:

formula for compound interest A = P*(1 + r) ∧ t where A is Amount P is principle r is rate of interest and t is time period

Amount = 16000*(1 + 8%)∧4 =16000*(1.08)∧4 = 21,760

compound interest = amount - principle = 21760 - 16000 = 5760