A person invest rs 500 at the end of each year with bank which pays interest at@ 10% pa ci annually. the amount standing to his credit after 1 years of his payment of 12th investment
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Answer:11,761.35
Explanation:
F.v= A*[(1+i)^n-1/i]*(1+i)
500*[(1.1)^12-1/0.1](1.1)
=11,761.35
(1+i) is being multiplied again to the formula because the last installment is paid on the end of the year,and therefore interest for that instalment too must be added
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