CUET · MATHS · PYQ PAPER 2025
Ajesh has set up a sinking fund in order to have ₹ 10,00,000 after 10 years for his son's education. The amount should be set aside at the end of every 6 months into an account paying \(5\%\) per annum compounded half yearly is : [given \((1.025)^{20}=1.6386\) ]
- A ₹ \(37438.8\)
- B ₹ \(3,091.48\)
- C ₹ \(39,148.1\)
- D ₹ \(3914.00\)
Answer & Solution
Correct Answer
(C) ₹ \(39,148.1\)
Step-by-step Solution
Detailed explanation
\(i = \frac{0.05}{2} = 0.025\) \(N = 10 \times 2 = 20\) \(P = FV \frac{i}{((1+i)^N - 1)}\) \(P = 10,00,000 \times \frac{0.025}{((1.025)^{20} - 1)}\) \(P = 10,00,000 \times \frac{0.025}{(1.6386 - 1)}\) \(P = 10,00,000 \times \frac{0.025}{0.6386}\) \(P = 39148.1365\) ₹ \(39,148.1\)
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