. A person wishes to have a future sum of Rs. 1,00,000 for his son’s education after 10 years from
now. What is the single-payment that the deposit now so that he gets the desired amount after
10 years? The bank gives 15% interest rate compounded annually.
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Answer:
1,50,000
Explanation:
Answer Step-by-step explanation: S.I = PTR / 100 P = 1000000 T = 10yrs R = 15% S.I = 1000000 × 10x15 / 100 = 10,000x15 = 15,000 total.num of money after 10yrs = = 15,000x10 = 1,50,000.
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