Question

23. Rs.1000 is invested at the end of each month in an account paying interest 6% per year compounded
monthly. What is the future value of annuity after 10 payment? (Given that (1.005) * = 1.0511)
Car Rs.10220
(b) Rs.1022
(c) Rs.20000
(d) Rs.1020​

Answer 1

Answer:

Answer

Correct option is

A

2,044

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.

Answer 2

Step-by-step explanation:

the answer is option A

look the attachment