Homework Answers
This is a problem of ordinary annuity, that is the amount can be calculated using the formula of ordinary annuity, which is as follows,
A x ((1+r)n - 1)/r, where a is 500, r = 10%, n = 32 years,
Substituting the figures,
500 x ((1 + 10%)32 - 1)/10%
= 500 x (20.11)/10%
= 1,00,550.
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