A father has setup a sinking fund in order to have ₹ 2,40,000 after 10 years for his daughter's marriage. How much amount should he set aside bi-annually into an account paying 5% per annum compounded half-yearly?
[given : ]
A father has setup a sinking fund in order to have ₹ 2,40,000 after 10 years for his daughter's marriage. How much amount should he set aside bi-annually into an account paying 5% per annum compounded half-yearly?
[given : ]
Solution
✅ Correct Option: 2
Half-yearly rate and number of periods .
For a sinking fund, .
So , giving Rs. 10,000.
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