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intermediate(ipc)course (no)     06 October 2011

intermediate(ipc)course
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a person invests Rs.500 at the end of each year with a bank which pays interest at 10% p.a.c.i annually.the amount standing to his credit one year after he has made his yearly investment for the 12th time is ?

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Swapnil Jain (Finance - FP&A)     06 October 2011

Swapnil Jain
Finance - FP&A 
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i think the answer to this is Rs 10680...though i m not too good at maths....

note- i have calculated interest and amount both upto 12th year and for the 13th year as u have asked one year after i have taken into account only the intreset amount.....

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intermediate(ipc)course (no)     06 October 2011

intermediate(ipc)course
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please clarify the math......

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Swapnil Jain (Finance - FP&A)     06 October 2011

Swapnil Jain
Finance - FP&A 
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500*12+39000*12/100

 

500 is the principal for 12 years (i assumed that 13th year only intrest accrued and no princiapal was deposited)

 

39000 in the way that - for the first year no interest 

2nd year - interest on500 @ 12 %

3 rd year- Intt on1000 @ 12%

 

and so on

 

Pardon me!! I took the interest @ 12%....

Daman Jeet (AM)     20 September 2012

Daman Jeet
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Sir Kindly mail me the solved test papers of CS Executive 2011&2012 Thanks in Advance

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Hadi Husain Husaini (IDT Consultant)     02 July 2013

Hadi Husain Husaini
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The formula for Future Value of Annuity is : F.V =  Annuity x ( ( ( 1 + (R.O.I) ) ^ T - 1) / R.O.I)

R.O.I is 10%

Annuity is 500

Time is 12 years

Therefore on substituting : F.V of Annuity would be = Rs. 10692.14

but interest for the year after the 12th investment will also have to be added which would come to 1069.214 @ 10% p.a

Therefore amount standing to his credit would be = Rs. 11761.36

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Padmasandhya S (Student)     15 May 2015

Padmasandhya S
Student 
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but when you say c i amount of 12 years it already includes the 12th year interest also right?

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DKG Dexterous Zone (Institute)     01 November 2018

DKG Dexterous Zone
Institute 
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