The amount and compound interest are Rs22169.11 and Rs6169.11 respectively
Compound interest
The formula for calculating the compound interest is expressed as:
P(t) = P0(1+r)^t
Substitute the given parameters
P(7/3) = 16000(1+0.15)^7/3
P(7/3) = 16000(1.15)^7/3
P(7/3) = 22169.11
For the interest
Interest = 22169.11 - 16000
Interest = 6169.11
Hence the amount and compound interest are Rs22169.11 and Rs6169.11 respectively
Learn more on compound interest here: https://brainly.com/question/24924853
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