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CUET · MATHS · PYQ PAPER 2023

A person started keeping aside 10,000 each year for his child's college education in a sinking fund. The amount he will receive after 6 years, if the rate of interest is \(10 \%\) p.a., is: [Use \((1.1)^{\wedge} 6=1.771\) ]

  1. A 77100
  2. B 75200
  3. C 66000
  4. D 69500
Verified Solution

Answer & Solution

Correct Answer

(A) 77100

Step-by-step Solution

Detailed explanation

\( FV = P \times \frac{((1+i)^n - 1)}{i} \) \( FV = 10000 \times \frac{((1.1)^6 - 1)}{0.10} \) \( FV = 10000 \times \frac{(1.771 - 1)}{0.10} \) \( FV = 10000 \times \frac{0.771}{0.10} \) \( FV = 10000 \times 7.71 \) \( FV = 77100 \)