Question

1
Find the amount of an
immediate annuity of Rs
1500 per year payable for
12 years at 10% p.a.​

Answer 1

FINAL ANSWER:

amount = 3300

GIVEN:

p=1500

r=15%

t=12 years

TO FIND:

A (amount)

FORMULA USED:

A = P(1 + rt)

SOLUTION:

A = P(1 + rt)

=1500(1 + 15×12)

=3300

The total amount accrued, principal plus interest, from simple interest on a principal of 1,500.00 at a rate of 10% per year for 12 years is 3,300.00.

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Answer 2

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