Solve

CPT 6367 views 7 replies

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 ?

Replies (7)

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.....

please clarify the math......

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%....

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

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

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


CCI Pro

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Company
Featured 14 April 2026
GST CONSULTANT

Abhishek G Agrawal & Co.

Korba

CA Final

View Details
Company
Featured 14 March 2026
Article Trainee

N N V Satish&co

Hyderabad

CA Inter

View Details
Company
Featured 28 March 2026
CA Final

Ashok Amol & Associates

New Delhi

CA Final

View Details
Company
Featured 28 March 2026
Accountant

Ashok Amol & Associates

New Delhi

B.Com

View Details
Company
Featured 14 March 2026
Associate CA

N N V Satish&co

Hyderabad

CA

View Details
Company
Featured 12 March 2026
Customer Relationship Executive

TAXLET

Calicut

B.Com

View Details
Company
Featured 19 March 2026
Article Assistant

Gupta Sachdeva & Co. Chartered Accountants

New Delhi

CA Final

View Details