2. What will INR 247,000 grow to be in 9 years if it is invested today in an account with an annual interest rate of 11%, when compounding takes place annually?
Answers
Answered by
61
Explanation:
present value = 247,000
Time =9 years
annual interest rate = 11%
FV=PV(1+r)^n
FV=247,000(1+11/100)⁹
FV=2,47,000(1+0.11)⁹
FV=247000(1.11)⁹
FV=247000×2.558036924
FV=Rs. 6,31,835.12
.°. The future value is Rs. 6,31,835.12
Answered by
82
Answer:
Future Value = Rs 6,31,835.12
Explanation:
Solution :
- Present Value (PV) = Rs.2,47,000
- Rate of Interest (r) = 11 %
- Time period (n) = 9 years.
- Compounding annually
To find :
- Future Value (FV)
Formula :
FV = 2,47,000 × 2.558036924
FV = 6,31,835.12
∴ Future Value = Rs 6,31,835.12
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