The Jeevan Progress Yojana at Rural and Semi Urban branches of SBI is a scheme open...
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The Jeevan Progress Yojana at Rural and Semi Urban branches of SBI is a scheme open to all individuals/firms. A lump sum deposit is remitted and the principal is received with interest at ye rate of 14% p.a. in 12 monthly instalments. The Interest is compounded at quarterly intervals You are required to calculate a. What is effective rate of Interest per annum b. What is effective rate of interest per month c. What is amount of Initial Deposit to be made to receive Rs. 1000 monthly for 12 months The Jeevan Progress Yojana at Rural and Semi Urban branches of SBI is a scheme open to all individuals/firms. A lump sum deposit is remitted and the principal is received with interest at ye rate of 14% p.a. in 12 monthly instalments. The Interest is compounded at quarterly intervals You are required to calculate a. What is effective rate of Interest per annum b. What is effective rate of interest per month c. What is amount of Initial Deposit to be made to receive Rs. 1000 monthly for 12 months
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SOLUTION a Effective rate of interest per annum Interest is compounded quarterly Equivalent a... View the full answer
Related Book For
Understanding Financial Accounting
ISBN: 978-1118849385
1st Canadian Edition
Authors: Christopher Burnley, Robert Hoskin, Maureen Fizzell, Donald
Posted Date:
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