Mathematics · Compound Interest & Financial Calculations
A returning Indian opens an RFC Term Deposit for USD 50,000 for 1 year at 4% interest per annum compounded quarterly. At the end of 6 months (2 quarters), interest for 2 quarters is credited to the deposit. Then, USD 10,000 is withdrawn. What is the exact balance remaining in the account immediately after the withdrawal?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1USD 41,000.00
- 2USD 41,005.00✓
- 3USD 41,010.00
- 4USD 40,000.00
Correct answer
USD 41,005.00
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