Interested to Buy Any Domain ? << Click Here >> for more details...
Your grandfather is 75 years old. He has total savings of
Rs.80,000. He expects that he live for another 10 years and
will like to spend his savings by then. He places his
savings into a bank account earning 10 per cent annually.
He will draw equal amount each year- the first withdrawal
occurring one year from now in such a way that his account
balance becomes zero at the end of 10 years. How much will
be his annual withdrawal?
- 4 Answers
- 14037 Views
- I also Faced
- E-Mail Answers
Answer Posted / anjul
Present Value(PV) =80000/-
Amount (A ) =?
Interest Rat e(I) =10%
No. of Year(N) =10
PVAn = A {1+i)n-1} /{ i(1+i)n}
80000=A{1+.10)10 }/{.10(1+.10)10}
80000=A{ 1.593742/0.259374}
A =80000/ 6.144567
A = 13019.63 Yrly
| Is This Answer Correct ? | 42 Yes | 3 No |
Post New Answer View All Answers
Tell us in balance sheet, where do you show tds?
what is service tax & excise? How will it be charged?
Why an Expenditure is called Differed?
What is partnership accounting?
Discuss the consistency concept in accounting
Scope and nature of Accounting
Tell us do you possess any knowledge about accounting standards?
Tell us what is a cpa?
HI I AM WORKING IN A INTERIOR DESIGNING COMPANY.WE ACTUALLY GET PROJECTS FROM CLIENTS & WE SUBCONTRACT THE WORK WE USUALLY SUBCONTRACTS THE SUPPLY OF LABOUR & SUPPLY OF MATEIALS TO SUBCONTRACTORS.WE DONT HAVE LABOURS OF OUR OWN & ALSO PRODUCTION OF MATERIALS.HOW CAN I TREAT THIS IN TALLY IS THERE ANY OPTION AVAILABLE IN TALLY FOR SUBCONTRACTING OR SHALL I ENTER THE NAME OF SUBCONTRACTORS AS SUNDRY CREDITORS AS WE DO USUALLY IN TALLY.PLEASE DO LET ME KNOW ABOUT THIS 0554125475 IS MY NUMBER
What do we mean by Redemption of shares and debentures?
Explain what is accrual accounting?
Explain which accounting application you prefer most and why?
Do is it proper fo an engineer to head a bank without a good backgroud in accounting? ?
What is the difference between General Ledger and Ledger?
If closing stock is given in adjustments, how we show in tally 9.0 ?
