200 is invested at the end of each month in an account paying interest 6%per year compound monthly what is the future value of this annuity after 10 yr
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Answer:
A=Rs. 200
n=10
i=6% p.a. =6/12% per month =0.005
Future value of annuity after 10 months is given by
A(n, i)=A[
i
(1+i)
n
−1
]
A(10,0.005)=200[
0.005
(1+0.005)
10
−1
]
=Rs. 2,044.
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