A person deposits Rs. 200 at the end of each year and lends it at a compound interest rate of 5%. What will be the total amount after 3 years?

Explanation

The total amount is calculated by summing each deposit compounded for the remaining years: Amount = 200(1 + 0.05)^3 + 200(1 + 0.05)^2 + 200(1 + 0.05) = Rs. 662.02.