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Q.

The present value of an ordinary annuity of 8 quarterly payments of Rs. 500 each, the rate of interest being 8% per annum compounded quarterly is


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a

Rs. 3660.20

b

Rs. 3662.50

c

Rs. 4275

d

Rs. 3660 

answer is B.

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Detailed Solution

The present value of annuity is given by the formula
{"mathml":"<math class="image_resized" style="width:168px;height:32px"><span style="font-family:V= present value of annuity
A=amount of each installment
R= rate of interest
Here A= Rs. 500
{"mathml":"<math class="image_resized" style="width:78px;height:36px"><span style="font-family:n=8
Substitute the values
{"mathml":"<math class="image_resized" style="width:210px;height:144px"><span style="font-family:Hence the present value is Rs. 3662.50
 
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