Step-by-step explanation:
Formula for compound interest is given by
[tex]A = P(1 + R) ^{n} [/tex]
Where
A is the amount at the end of the period
P is the principal
R is the rate
n is the period
The interest = A - P
From the question
P = $ 3200
n = 3 years
R = 40%
So we have
[tex]A = 3200 \times 2.744[/tex]
A = $ 8780.80
The amount is $ 8780.80
The interest is
$ 8780.80 - $3200
= $ 5580.80
Hope this helps you
