Question

A housing-society having 12 members wants to collect a sinking fund of
Rs. 1,66,680 for repairs, within a period of 3 years. If the rate of interest is
15% p.a. to be compounded yearly, how much yearly payment each member
has to make towards the fund, so as to meet the requirements.​

Answer 1

FUND OF SOCIETY=166680/12= ₹ 13,890

FUND OF ONE MEMBER=13,890×3=41,670/15=2,778

SO THE FUND OF ONE MEMBER IS ₹ 2,778