Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

5. You would like to have 98 lakhs in your account 10 years from now to buy a flat in Mirpur. For achieving this target,

5. You would like to have 98 lakhs in your account 10 years from now to buy a flat in Mirpur. For achieving this target, you would like to make two separate deposits in your saving account that pays 7% annual interest rate, which compounds annually. All the deposits will be a single deposit investment. Today you make the first deposit of 25 lakh. What would be the second deposit you need to make 6 years from now so that you can have that 98 lakhs to buy that flat.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Pricing In General Insurance

Authors: Pietro Parodi

2nd Edition

0367769034,1000860833

More Books

Students also viewed these Finance questions