The Annuity payment will be "65,209.35 Taka". A further solution is provided below.
Given:
Monthly payment,
= 3000 Taka
Interest rate,
= 6% (compounded monthly)
Time,
= 18 years
The Future value will be:
→ [tex]FV = PMT\times \frac{((1+r)^{nt}-1)}{r}[/tex]
By putting the values, we get
[tex]=3000\times \frac{((1+\frac{6}{12\times 100} )^{12\times 18}-1)}{\frac{6}{12\times 100} }[/tex]
[tex]=3000\times \frac{((1+\frac{6}{1200} )^{216}-1)}{\frac{6}{1200} }[/tex]
[tex]=1,162,059.58 \ Taka[/tex]
hence,
The Annuity payment will be:
→ [tex]P=\frac{PV(\frac{r}{n\times 100} )}{1-(1+\frac{4.5}{4\times 100} )^{-4\times 5}}[/tex]
[tex]=P=\frac{PV(\frac{r}{n\times 100} )}{1-(1+\frac{4.5}{4\times 100} )^{-20}}[/tex]
By substituting all the values, we get
[tex]=65,209.35 \ Taka[/tex]
Thus the correct answer is "65,209.35 Taka".
Learn more the Annuity payment here:
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