Question

An investor deposits Rs 1000 in a saving institution. Each payment is made at the end of year.If the payment deposited earns 12% interest compounded annually how much amount(approximately) will he receive at the end of 10 years.

• A. $1234$
• B. $2345$
• C. $17548$
• D. $4567$

Answer 1

The correct option is C $17548$

$P=Rs.1000,r=12\%,t=10$

$A={\sum }_{n=1}^{9}P{(1+\frac{r}{100})}^n+P={\sum }_{n=1}^{9}1000{(1+\frac{12}{100})}^n+1000=3000\times 16.548=Rs.17548$