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h) A person is planning for his retired life. He has 10 more years of service. He would like to deposit 20% of his salary, which is Rs. 10,000 at the end of the first year 20 and thereafter he wishes to deposit the same amount (Rs.10,000) with an annual increase of Rs. 2,000 for the next 9 years with an interest rate of 20%. Find the total amount at the end of the 10th year of the above series.

h) A person is planning for his retired life. He has 10 more years of service. He would like to deposit 20% of his salary, which is Rs. 10,000 at the end of the first year 20 and thereafter he wishes to deposit the same amount (Rs.10,000) with an annual increase of Rs. 2,000 for the next 9 years with an interest rate of 20%. Find the total amount at the end of the 10th year of the above series.

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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h) A person is planning for his retired life. He has 10 more years of service. He would like to deposit 20% of his salary, which is Rs. 10,000 at the end of the first year 20 and thereafter he wishes to deposit the same amount (Rs.10,000) with an annual increase of Rs. 2,000 for the next 9 years with an interest rate of 20%. Find the total amount at the end of the 10th year of the above series.
Transcribed Image Text:h) A person is planning for his retired life. He has 10 more years of service. He would like to deposit 20% of his salary, which is Rs. 10,000 at the end of the first year 20 and thereafter he wishes to deposit the same amount (Rs.10,000) with an annual increase of Rs. 2,000 for the next 9 years with an interest rate of 20%. Find the total amount at the end of the 10th year of the above series.
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