Investment

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Querist : Anonymous

Querist : Anonymous (Querist)

08 March 2016 Dear Sir ,
Can u help me solving this problem.
Rahul deposited Rs. 2,000 at the end of every month in a bank for five years. The rate of interest is 1% per month. The closest accumulated amount at the end of 5 years will be
A)
Rs. 1,20,000
B)
Rs. 1,63,340
C)
Rs. 1,34,630
D)
None of the above Correct Answer: B

KAVIRAJA ADDANGADI

KAVIRAJA ADDANGADI (Expert)
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08 March 2016 B is correct
Apply this formula M=R(1+i)n-1
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1-(1+i)-1/3

M= Maturity, R=Monthly Instalment, n=number of quarters,i=Rate of interest/400

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