Find the amount of annuity of Rs 8,000 payable at the end of each year for 5 years, if the
rate of interest is 6% effective per annum.
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Step-by-step explanation:
Annual payment A=Rs. 500n=7i=14%=0.14A(7,0.14)=500
[ 0.14(1+1.014) 7 −1 ]=Rs. 5365.35
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