Question

A person is planning for his retired life. He has 10 more years of service. He would like to deposit 20% of his salary, which is Rs. 4000, at the end of the first year, and thereafter he wishes to deposit the amount with an annual increase of Rs. 500 for the next years with an interest rate of 15% compounded annually. Find the total amount at the end of the 10 th year of the above series.

 Rs. 106989

 Rs. 113567

 Rs. 127898

 Rs. 115560

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Answer 1

Answer:

Rs 115560 is the correct answer