Annu, Baby and Chetan are partners in a firm sharing profits and losses equally. They decide to take Deep into partnership from 1st April, 2019 for 1/5th share in the future profits. For This purpose, goodwill is to be valued at `100%` of the average annual profits of the previous three or four years, whichever is higher.
The anual profits for the purpose of goodwill for the past four years were:
`{:("Year Ended",,"Profits (Rs.)"),("31st March, 2019",,"2,88,000,"),("31st March, 2018",,"1,81,800,"),("31st March, 2017",,"1,87,200,"),("31st March, 2016",,"2,53,200".):}`
Calculate the value of goodwill.
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