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An amount is invested at the rate of 20% compounded annually and becomes ₹8,640 after 3 years. Find the amount invested.

1. ₹5,000
2. ₹4,000
3. ₹4,800
4. ₹5,500

Correct answer: ₹5,000

Solution

For compound interest at 20% annually, the amount after 3 years is P(1.2)^3. Since 8640 = P × 1.728, we get P = 8640/1.728 = 5000. So the invested amount is ₹5,000.

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