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dileepkumar (Querist)

22 June 2017 Rahul deposited Rs. 2,000 at the end of every month in a bank for five years. The rate of interest is 1% per month. The closest accumulated amount at the end of 5 years will be

CA Rashmi Gandhi

CA Rashmi Gandhi (Expert)

22 June 2017 Amt will be 168000/-

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dileepkumar

dileepkumar (Querist)

22 June 2017 Liz reply with solution

dileepkumar

dileepkumar (Querist)

22 June 2017 piz reply with solution

CA Rashmi Gandhi

CA Rashmi Gandhi (Expert)

22 June 2017 Formula is Principal *(100+Rate/100)™

2000*(101/100)™5*12

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dileepkumar

dileepkumar (Querist)

22 June 2017 thank you mam

CA Rashmi Gandhi

CA Rashmi Gandhi (Expert)

22 June 2017 Welcome.. .

Message likes : 2 times

dileepkumar

dileepkumar (Querist)

22 June 2017 once more question mam

dileepkumar

dileepkumar (Querist)

22 June 2017 Money Back Finance floated a scheme – “Pay us Rs. 100 per year for 5 years; we will pay Rs. 100 per year forever thereafter” All payments are
made and received at the end of the year. What is the interest rate that MoneyBack Finance is using to offer this scheme? Give the approximate
interest rate range reply with solution

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