A school needs ₹1,50,000 in 3 years for a new bus. It saves equal sums at the end of each year at 10%. To the nearest rupee, what is each deposit? (Take $(1.1)^{3} = 1.331$ .)

₹45,317Correct answerYour answer₹50,000Correct answerYour answer₹1,12,697Correct answerYour answer₹1,65,000Correct answerYour answer

Show the answer and explanation

CorrectNot quiteAnswer A

Correct answer: A

Worth noting

₹50,000 divides the target by 3, ignoring the interest earned.

Ten questions from Perpetuity, Sinking Funds & Bonds, at your own pace.

Ten questions from Perpetuity, Sinking Funds & Bonds, at your own pace.

A school needs ₹1,50,000 in 3 years for a new bus. It saves equal sums at the end of each year at 10%. To the nearest rupee, what is each deposit? (Take (1.1)3=1.331(1.1)^{3} = 1.331(1.1)3=1.331.)