If your son is 12 years old and will require money in 8 years time, what is the annual amount of investment to be made if it is likely to earn 12% rate of return?

You wish to save for your son’s education the present cost of which is Rs. 320000 and is expected to increase by 6% every year.

If your son is 12 years old and will require money in 8 years time, what is the annual amount of investment to be made if it is likely to earn 12% rate of return?
A . 205993
B . 205670
C . 210000
D . 209553

View Answer

Answer: A