Finance Mcqs


Q.  You need Rs. 10,000 to buy a new television. If you have Rs. 6,000 to invest at 5 percent compounded annually, how long will you have to wait to buy the television?

a. 8.42 years
b. 10.51 years
c. 15.75 years
d. 18.78 years


ANSWER: See Answer
 
Using financial calculator, Put PV =6000, Rate = 5%, FV, 10,000 and solve for Nper. 10.47 Close to the 10.51.
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