CUET · MATHS · PYQ PAPER 2023
A person creates a sinking fund to accumulate 60,000 in 5 years to buy a bike.
The amount to be deposited at the end of every quarter with a 12\% rate of interest compounded quarterly is :
Use \(\frac{0.03}{(1.03)^{20}-1}=0.0372\)
- A ₹ 2164
- B ₹ 2232
- C ₹ 2396
- D ₹ 2495
Answer & Solution
Correct Answer
(B) ₹ 2232
Step-by-step Solution
Detailed explanation
\( n = 5 \times 4 = 20 \) \( i = \frac{0.12}{4} = 0.03 \) \( R = FV \times \frac{i}{(1+i)^n - 1} \) \( R = 60000 \times \frac{0.03}{(1.03)^{20}-1} \) \( R = 60000 \times 0.0372 \) \( R = 2232 \)
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