Question
A person invests ₹80,000 in a mutual fund. The
investment grows at a rate of 8% per annum, compounded annually. After 3 years, he decides to withdraw ₹10,000 and reinvest the remaining amount at the same rate. After another 2 years, the remaining amount grows at the same rate, and he sells the entire amount. What is the total amount he receives after 5 years?Solution
Initial investment = ₹80,000. Rate = 8% per annum, compounded annually. Amount after 3 years: A = P(1 + r/n)^(nt) = ₹80,000(1 + 0.08)^3 = ₹80,000 × 1.2597 = ₹1,00,776. Amount remaining after withdrawing ₹10,000 = ₹1,00,776 - ₹10,000 = ₹90,776. Amount after 2 more years: A = P(1 + r/n)^(nt) = ₹90,776(1 + 0.08)^2 = ₹90,776 × 1.1664 = ₹1,06,930. Total amount = ₹1,06,930. Final amount received = ₹1,06,930. Closest option: b) ₹1,06,930.
Where is the Central Scientific Instruments Organisation situated at?
Which of the following is not a slab under GST?
What is the older alluvial region of the northern plains known as?
When was the Indus Water Treaty, which featured in news recently, signed by India and Pakistan?
' Thoda ' a sport dance belongs to which of the following states?
What was the budget allocation for the newly approved 'Mission Mausam' by the Indian government?
Nahar Wildlife Sanctuary is located in which state of India?
Rajesh Agarwal has been appointed as the new ambassador to
According to Rutherford atomic model, the electrons revolve around the nucleus in ________ paths.
India participated in the 44th session of the Codex Committee on Nutrition and Foods for Special Dietary Uses (CCNFSDU) in which country?
Relevant for Exams:
