Find the compound interest on $1200 for 1year at 20% p.a. if CI is component yearly?
Choose one
A) $ 120 B) $ 150 C) $ 240 D) $ 250 E) $ 300

Rationale: "a = p ( 1 + r / 100 ) ^ t = 1200 ( 1 + 20 / 100 ) ^ 1 = 1200 * 6 / 5 = $ 1440 ci = a - p = 1440 - 1200 = $ 240 answer is c"
Answer: C