Question
Mathematics Question on Applications of Compound Interest Formula
The money needed to invest now, so as to get ₹7500 at the beginning of each month forever (starting from the current month) if the money is worth 9% per annuum compounded monthly is.
A
₹10.05,000
B
₹9.05,000
C
₹10,07,500
D
₹9.50,000
Answer
₹10,07,500
Explanation
Solution
The correct option is (C): ₹10,07,500