Find the amount and interest on Rs.16000 for 3 years at 5% per annum compounded annually​

Rs 2555

Step-by-step explanation:

Principal = (P) = Rs 16, 000

Time = (t) = 3 years

Rate = (r) = 5%

Amount = Principal × (1 + (r/2 × 100)) n × 2

= Rs 16,000 × (1+ (5/200)) 3 × 2

= Rs 16,000 × (205/200)6

= Rs 16,000 × 41/40 × 41/40 × 41/40 × 41/40 × 41/40 × 41/40

= Rs 18,555

C.I. = Amount – Principal

= Rs 18,555 - Rs 16,000

Rs 2555