Question

Find the amount of Rs. 2400 after 3 years, when the interest is compounded annually at the rate of 20% per annum.

Answer 1

Answer:

Rs 4147.2

Step-by-step explanation:

Given details are,

Principal (p) = Rs 2400

Rate (r) = 20% per annum

Time (t) = 3 years

By using the formula,

A = P (1 + R/100) n

= 2400 (1 + 20/100)³

= 2400 (120/100)³

= Rs 4147.2

∴ Amount is Rs 4147.2

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Answer 2

Given details are,

Principal (p) = Rs 2400 Rate (r) = 20% per annum Time (t) = 3 years

By using the formula,

A = P (1 + R/100) n = 2400 (1 + 20/100)3

= 2400 (120/100)3 = Rs 4147.2

∴ Amount is Rs 4147.2