Find the amount and compound interest on a sum of $R s 16435$ at $5 %$ p.a for $3$ year compounded annually.

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Solution

Given Principal =16435 Rs.
Rate = 5% P,a.
Time = 3 years
Amount $= P (1 + \frac{r}{n})^{n t} .$
$A = 16435 (1 + \frac{5}{1})^{3}$
$A = 16435 (1.05)^{3} = 18, 900 R s .$
$∴$ Total Amount =18900 Rs.
and compound interest =18,900-16435
compound interest =2,465 Rs.

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