The amount of an annuity certain of rs. 150 for 12 years at 3.5 p.a
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use formula ,
amount of an annuity = P[(1 + r/100)ⁿ - 1]/(r/100)
here, P is given initial amount
n is time in years
r is percentage rate per annum.
now, amount of an annuity = 150[(1+3.5/100)¹²-1]/(3.5/100)
= 150[(1.035)¹²-1]/0.035
= 150(1.511-1)/0.035
= 150 × 0.511/0.035
≈ 2190 Rs
hence, amount of an annuity = 2190 Rs
amount of an annuity = P[(1 + r/100)ⁿ - 1]/(r/100)
here, P is given initial amount
n is time in years
r is percentage rate per annum.
now, amount of an annuity = 150[(1+3.5/100)¹²-1]/(3.5/100)
= 150[(1.035)¹²-1]/0.035
= 150(1.511-1)/0.035
= 150 × 0.511/0.035
≈ 2190 Rs
hence, amount of an annuity = 2190 Rs
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