Question

Find the amount of Rs.24000 after 3 years, when the interest is compounded annually at the rate

of 20% per annum.​

Answer 1

Formula of Amount ↴

$\boxed {\mathrm {A \: = \: P \left( 1 + \dfrac{R}{100}\right)^{n} }}$

Here,

• R = Rate of Interest
• P = Principal
• n = Time

Given ↴

Principal = Rs.24000

Rate of Interest = 20% per annum.

Time = 3 years.

To Find ↴

We have to Find the Amount.

So, Let's Start ↴

$\sf \: A \: = \: 24000 \bigg( 1 + \dfrac{20}{100}\bigg)^{3}$

$\sf \: A \: = \: 24000 \bigg( \dfrac{ 100+ 20}{100}\bigg)^{3}$

$\sf \: A \: = \: 24000 \bigg( \dfrac{ 120}{100}\bigg)^{3}$

$\sf \: A \: = \: 24000 \times \dfrac{ 12\cancel{0}}{10\cancel{0}} \times \dfrac{ 12\cancel{0}}{10\cancel{0}} \times \dfrac{ 12\cancel{0}}{10\cancel{0}}$

$\sf \: A \: = \: 24\cancel{000} \times \dfrac{ 12}{1\cancel{0}} \times \dfrac{ 12}{1\cancel{0}} \times \dfrac{ 12}{1\cancel{0}}$

$\sf \: A \: = \: 24 \times \dfrac{ 12}{1} \times \dfrac{ 12}{1} \times \dfrac{ 12}{1}$

$\sf \: A \: = \: 24 \times 12 \times 12 \times 12 = 41472$

$\sf \: So, \: the \: Amount \: = \: Rs.41472$