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How much should he deposit now

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Question - Mr. Verma is planning to go on a vacation in few years for which he would need a sum of Rs. 500,000. If the bank allows a compound interest rate of 7% per annum on the term deposit, how much should he deposit now so that Rs. 500,000 would be accumulated (i) at the end of three years, (ii) at the end of four years and (iii) at the end of five years.

Reference no: EM132950995

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