Dear All,
My Question Is A Makes A Deposit Of Rs. 5000 In A Bank Which Pays 10% Interest
Compounded Annually For 6 Years.You Are Required To Find Out The Amount To Be
Received After 5 Years.
Thanks And Regards.
4 Replies
ashish gupta
( student)
(1922 Points)
Replied 02 October 2011
you are asking after 5 years or 6 years. anyways
after 5 years - 8053
after 6 years - 8858
Vibhor Pandey
(FINAL)
(106 Points)
Replied 02 October 2011
Dear Ashish,
This Question Is Given In PCC Module.I Also Used The SameFormula
An = P (1 +i) power n ..I Got the Same Answers.
..But In Module The Answer Is Given As Below :-
FV = PV (1 + i ) power n
FV = 5000 (1 + 10% ) power 6
= 5000*7.716^
^from table of compounded value of an annuity.
..In My Opinion This Would Be Done When Rs. 5000 Deposited
Every Year.But In This Question It Seems Tht 5000 Deposited
In Initial Year Only.
...And It Is Also Confusing Whether To Use 6 Years Or 5 Years?
ashish gupta
( student)
(1922 Points)
Replied 02 October 2011
there could be some mistake in module. dont worry
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