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

Given,


Principal = Rs.2400


Rate = 20% per annum


Time = 3 years


Hence,


Compound interest =


=


So,


Amount = principal + compound interest


= 2400 + 1747.20 = Rs.4147.20


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