Question

What amount should be set aside at the end of each year to get Rs 1,48,970 at the end of 8 years at 5% p.a. compounded

annually.
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Answer 1

Answer:

Principal = 1,48,970

Time = 8 years

Rate = 5% p.a

So, found compound interest.

Amount = P ( 1+ R/100)t

A = 148970×( 1+ 5/100) ⁸

A = 148970× 26/25⁸

A = 5958.8× 26⁸

A = 1239430.4

CI = 1090460.4

THIS IS YOUR ANSWER