Calculate the amount and the compound interest when Rs16000 is invested for 3 years at the rate of 5%p.a compounded annually .
P=16,000
r=5%pa
n=3 year
Compound sum =P[1+r100]n=16000[1+5100]3
=16000[1.05]3=18522
compound interest =[18522−P]=[18522−16000]
compound interest =2522