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Question - Robert retired on 31st December 2016 and received a sum of $ 100000 from the company towards gratuity and other terminal benefits. The company has tied up with their bankers which accepts deposits from retiring employees at 8% interest per year but willing to distribute the yearly interest amount on monthly basis. It means if Robert deposits the money for 5 years, he will get monthly interest starting from 31st January 2017 at 8% per year. How much interest income he will get every month?
Robert retired on 31st December 2016 and received a sum of $ 100000 from the company towards gratuity and other terminal benefits. The company has tied up with their bankers which accepts deposits from retiring employees at 9% interest per year provided the investment is for a minimum period of 5 years and maximum period of 10 years. Deposits are not accepted for fractional years. The interest is paid along with principal. If Robert targets a minimum maturity value of $ 200000, for how many years he should at the minimum deposit $ 100000?
Megha on joining her first job decides to save $ 10000 per year for the next 30 years. Her first saving will be at the end of first year. If her savings earn an average return of 8%, how much will she get at the end of 30 years?
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