Question

Find the amount and the compound interest on rs 15625 for 3 years at 12% per annum, compounded annually

Answer 1

I am happy to answer your question

Answer 2

Answer:

The amount is 21952 and interest is 6327.

Step-by-step explanation:

Principal amount (P)= 15625

Rate of interest (r) = 12%= 0.12

Time (t) = 3 years.

$A=P(1+r)^t$

$A=15625(1+0.12)^3=21952$

The amount is 21952.

$A=P+I$

$A-P=I$

$21952-15625=I$

$6327=I$

Therefore the amount is 21952 and interest is 6327.