Abhay lent Rs 8000 to his friend for 3 years at the rate of 5% per annum compound interest. What amount does Abhay get after 3 years?

Explanation

To find the amount Abhay will receive after 3 years when he lends Rs. 8000 at a compound interest rate of 5% per annum, we can use the formula for compound interest:

\[ A = P \left(1 + \frac{r}{100}\right)^n \]

Where:
- \(A\) = the amount after \(n\) years
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