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A Pension plan be either a defined benefit plan or a defined contribution plan. · A defined benefit plan is one which gives guaranteed retirement benefits irrespective of the returns generated by the pension fund. This is type of pension plan is usually funded by employers for its employees with retirement pay-outs as per a set formula based on salary, employees age, tenure of service. As such, here the amount of pension on retirement is already known. · A defined contribution plan is one in which the pension depends on the contributions made and the return generated on the investment made of those contributions. In this plan, the contribution made for the pension fund is defined or fixed. For example NPS or EPF where a fixed amount is contributed every month from the salary.
'M' placed a specific amount of money into the 'SBI' Mutual Fund, which provides a 15% per annum simple interest rate. Simultaneously, 'M' invested the ...
Viraj invested Rs. 3500 at 20% p.a. simple interest for 3 years. After 3 years, he invested the amount received by him at the 20% p.a. compound interest...
A sum is lent on compound interest for 2 years at 14% p.a. If the compound interest on the sum is Rs.4194.4, find the sum.
Simple interest received at the rate of 9% p.a. for 5 years on a principal amount of Rs. 4000 is twice of the simple interest received at 10% p.a. for 6...
A sum of money doubles itself in 5 years in how many years it will be 3 times?
Karan invested a certain amount of money, splitting it into two equal parts. He placed one part in a simple interest scheme at an annual rate of 15% for...
Suresh earned an interest of Rs. 1419 on principal amount of Rs. 4400 at some rate of compound interest in 2 years. How much more/less interest would he...
Compound interest on a certain sum of money for 2 years is Rs.3600 while the simple interest on the same sum for the same time period is Rs.3200. Find t...
A man invested $4,800 in a scheme offering compound interest compounded annually. If the difference between the interest earned in the 2nd year and the ...