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 \((1.1)^{\wedge} 6=1.771\) ]
- A 77100
- B 75200
- C 66000
- D 69500
Answer & Solution
Correct Answer
(A) 77100
Step-by-step Solution
Detailed explanation
\( FV = P \times \frac{((1+i)^n - 1)}{i} \) \( FV = 10000 \times \frac{((1.1)^6 - 1)}{0.10} \) \( FV = 10000 \times \frac{(1.771 - 1)}{0.10} \) \( FV = 10000 \times \frac{0.771}{0.10} \) \( FV = 10000 \times 7.71 \) \( FV = 77100 \)
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