Question:
Mr. Dileep Rao has set up a sinking fund so that he can accumulate \(₹ 10,00,000\) in \(10 \)years for his children's higher education. How much amount should Dileep Rao deposit at the beginning of each year to accumulate this amount at the end of\( 10\) years. If the interest rate is compounded annually? Given that \((1.12)^{11}=3.477\) (Rounded off to the nearest paise)
Mr. Dileep Rao has set up a sinking fund so that he can accumulate \(₹ 10,00,000\) in \(10 \)years for his children's higher education. How much amount should Dileep Rao deposit at the beginning of each year to accumulate this amount at the end of\( 10\) years. If the interest rate is compounded annually? Given that \((1.12)^{11}=3.477\) (Rounded off to the nearest paise)
Updated On: May 21, 2024
- \(₹ 50000\)
- \(₹ 50900\)
- \(₹ 51211.10\)
- \(₹50912.18\)
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The Correct Option is D
Solution and Explanation
The correct option is (D: \(₹50912.18\)
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