What will Mr. Jain get after 23 years (14th May 2030) assuming the date of commencement is now?

Mr. Aakash Jain has invested Rs. 85,000/- @ 6% p.a. in a bank deposit on 15th May 2007. After 10 years of investment rate of interest changes to 8 % p.a. computed half yearly. Further after 5 years rate of interest again changes to 7% p.a. compounded quarterly. After further 3 years rate of interest again changes to Rs. 7% pa compounded monthly.

What will Mr. Jain get after 23 years (14th May 2030) assuming the date of commencement is now?
A . Rs. 4,05,421/­
B . Rs. 3,77,476/­
C . Rs. 3,93,355/­
D . Rs. 3,85,324/­

View Answer

Answer: C