If you have Rs. 850 and you plan to save it for 4 years with an interest rate of 10%, what will be the future value of your savings?

Academy of PakistanTest & Learning

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Academy of PakistanTest & Learning

804Active Users

219FinanceMedium

ARs. 1,244

BRs. 1,000

CRs. 1,331

DRs. 1,464

Correct answer

A. Rs. 1,244

Explanation

FV = PV * (1+ i) ^n = 850 * (1+0.1)^4 = 1244

If you have Rs. 850 and you plan to save it for 4 years with an interest rate of 10%, what will be the future value of your savings? - Answer and Explanation | Academy of Pakistan