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Compute the monthly income that such a scheme will pay out

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Question - ICICI Bank has a 24-month recurring deposit scheme that offers a return of 7.25% p.a., compounded monthly. You have to invest say, Rs.5,000 every month in the account for 24 months. Thereafter, from the 25 th month, for the next 24 months you will get a flat monthly income. Compute the monthly income that such a scheme will pay out.

Reference no: EM133154844

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