Leila aspires to buy a car worth Rs. 10,00,000 after 5 years. What is the minimum amount in Rupees that she should deposit now in a bank

Leila aspires to buy a car worth Rs. 10,00,000 after 5 years. What is the minimum amount in Rupees that she should deposit now in a bank

Q. Leila aspires to buy a car worth Rs. 10,00,000 after 5 years. What is the minimum amount in Rupees that she should deposit now in a bank which offers 10% annual rate of interest, if the interest was compounded annually?

(A) 5,00,000                                      

(B) 6,21,000

(C) 6,66,667                           

(D) 7,50,000

Ans: 6,21,000

Sol:

gate questions
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