Rahman lent Rs. 16000 to Rasheed at the rate of 12
% per annum compound interest. Find the amount payable by Rasheed to Rahman after 3 years.
Given,
Principal = Rs.16000
Rate = 12
% per annum = 
Time = 3 years
Hence,
Compound interest = 
= 
So,
Amount payable by Rasheed to Rahman after 3 years = Rs(16000+6781.25) = Rs.22781.25
3