Question

Find the compound interest if the amount of a certain principal after two years is $4036.80 at the rate of 16p.c.p.a

Answer 1

C.A, 4036.80=(1+R/100)n

       4036.80=x(1+16/100)2

                     =x * 29/25*29/25

        4036.80   =x* 841/625

                       =3000 dollars