Find the compound amount and compound interest on the principal Rs.20,000 borrowed at 6% compounded annually for 3 years.
3820.32
3080.23
1500.00
3100.32
Explanation:
A=P(1+r)n
=20000(1+.06)3=23820.32
The compound interest
=23820.32−20000=3820.32
Let P = 20000, r = 6%, n = 3
using formulaA=P(1+r)n
=20000(1+.06)3=23820.32
The compound interest
=23820.32−20000=3820.32