Question

City Finance Ltd., offers a deposit scheme where the investor is required to
deposit Rs.1,000 at the end of every month for a period of 5 years in order to
get an amount of Rs.1,00,000 on maturity. What is the effective rate of interest per
annum?
Select one:
o a. 18 percent
O b. 16.7 percent
O. c. 20.9 percent.
O d. 19.4 percent
O e. 14.5 percent​

Answer 1

Answer:

d is the current answer