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A sum of ₹ 2400 deposited at CI, Double after 5 yr. After 20 yr it will become?

₹ 24000
₹ 38400
₹ 19200
Cannot be determined

Correct Answer: ₹ 38400

Explanation:

2P = P (1 + R/100) ⁵
⇒ 2⁴ P = P(1 + R/100)²⁰
⇒ The amount becomes 2⁴ times
= 16 times and required amount = 2400 x 16 = ₹ 38400

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