2 A) If you deposit Rs 10000 today in a bank that offers 8% interest, how many years will the amount take to double?
2 A) If you deposit Rs 10000 today in a bank that offers 8% interest, how many years will the amount take to double?
Solution :- 9 years (using rule of 72); 8.975 years (using rule of 69)
B) What is the future value of a regular annuity of Re 1.00 earning a rate of 12% interest p.a. for 5 years?
Solution: FVAn = A * FVIFA (12%, 5yrs)
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