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Question
Find the amount of Rs 2400 after 3 years, when the interest is compounded annually at the rate of 20% per annum.
Solution
Given:
P = Rs 2, 400
R = 20 % p . a .
n = 3 years
We know that amount A at the end of n years at the rate R % per annum when the interest is
compounded annually is given by A = P\[ \left( 1 + \frac{R}{100} \right)^n . \]
\[ \therefore A = 2, 400 \left( 1 + \frac{20}{100} \right)^3 \]
\[ = 2, 400 \left( 1 . 2 \right)^3 \]
\[ = 4, 147 . 20\]
Thus, the required amount is Rs 4, 147 . 20 .
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