Investment
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
08 March 2016
Dear Sir ,
Can u help me solving this problem.
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
A)
Rs. 1,20,000
B)
Rs. 1,63,340
C)
Rs. 1,34,630
D)
None of the above Correct Answer: B
Can u help me solving this problem.
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
A)
Rs. 1,20,000
B)
Rs. 1,63,340
C)
Rs. 1,34,630
D)
None of the above Correct Answer: B
08 March 2016
B is correct
Apply this formula M=R(1+i)n-1
-------------
1-(1+i)-1/3
M= Maturity, R=Monthly Instalment, n=number of quarters,i=Rate of interest/400
Apply this formula M=R(1+i)n-1
-------------
1-(1+i)-1/3
M= Maturity, R=Monthly Instalment, n=number of quarters,i=Rate of interest/400
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