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A couple would like to determine what amount they must deposit in a savings account bearing 12% interest rate so that they will get Rs.5000/-

A couple would like to determine what amount they must deposit in a savings account bearing 12% interest rate so that they will get Rs.5000/- at the end of 10th year and will get an increase of Rs.1000/- each year for the next 10 years. Draw the cash flow diagram. (I) Determine the present amount. (ii) If the interest rate is compounded quarterly what is the present amount?

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