Problem to Calculate Compound Interest

Topic : Compound Interest

Question : Find the Compound Interest of the amount $ 12000 at the rate 3% for 6 years.

Solution :

Compound Interest A = P(1+r)^t
where A is the Amount
P is the Principal Amount
r is the rate of Interest and
t to be the time frame

So, for P= $12000
r = 3 %
t = 6

Compound Interest A = 12000 (1+ 3/100)^6
A = 12000(103/100)^6
A =12000 (1.03)^6
A = 12000(1.194052)
A = $ 14328.63