What is the present value of Rs. 1000000 received after 60 years if the interest rate is 10%
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Answer:
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The present value of Rs. 1000000 received after 60 years if the interest rate is 10% is 3284.28
Explanation:
Recall the formula
PV = present value
FV = future value
r = rate of return
{n} = number of periods
Given:
FV = 1000000
r = 10%
{n} = 60 years
To find: PV=present value
Solution:
substitute the values in the formula
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