Question

Assume you have been depositing each year for 5 years, the deposit amount of rs.100, rs.200, rs.300, rs.400 and rs.500 respectively. calculate your deposits value if you get 7 per cent compound interest and assume you have deposited in the beg

Answer 1

End of
1st yr= 100+7%=107
2nd yr= 107+200+7%=328.5
3rd yr=328.5+300+7%=672.5
4th yr=672.5+400+7%=1147.5
5th yr=1147.5+500+7%=1763 (approx)