Compound Interest

[mpullat]

Mr A wanted to receive Rs 12,211/- after 5 years.
How much Rupee Mr A had to deposit to the bank at end of each year if bank offers 10% compound interest rate.?

 

[Deleted member 4993]

Mr A wanted to receive Rs 12,211/- after 5 years.
How much Rupee Mr A had to deposit to the bank at end of each year if bank offers 10% compound interest rate.?

Hint: Use the equation for compound interest (or equation for future value)

Please show us what you have tried and exactly where you are stuck.

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Please share your work/thoughts about this problem.

 

[JeffM]

The problem is not well specified.

You need the formula for the future value of an annuity. It should be in your book.