Question

Find the amount and the compound interest on 16,000 for 3 years at 10% per annum compounded annually.​

Answer 1

Step-by-step explanation:

solution and answer in above pictures

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Answer 2

Answer:

Amount= Rs. 29,126  Compound Interest= Rs. 5,296

Step-by-step explanation:

Principal (P): Rs. 16,000

Rate (R): 10%

Time (T): 3 years

For 1st year:

P= Rs. 16,000

R= 10%

T= 1 year   (Since Componded yearly)

I=PxRxT/100

I= 16,000x10x1/100

I= Rs. 1,600

Amount= Rs.16,000+Rs.1,600

             =Rs. 17,600   (This amount will be next year's principal)

For 2nd year:

P= Rs. 17,600

R= 10%

T= 1 year

I= PxRxT/100

I= 17,600x10x1/100

1= Rs. 1,760

Amount= Rs.17,600 + Rs.1,760

             = Rs. 19,360  (This amount will be next year's principal)

For 3rd year

P= Rs. 19,360

R= 10%

T= 1 year

I = PxRxT/100

I = 19,360x10x1/100

I = Rs. 1,936

Amount= Rs. 19,360 + Rs. 1,936

            = Rs. 29,126

Total compounded Interest= Rs. 1,600+ Rs. 1,760+ Rs. 5,296  

                                            =Rs. 5,296