A person saves Rs 10,000 every year for 18 years so that he will get a lumpsum amount thereafter to do a business. He expects that his savings should earn 8% interest. Find the size of the lumpsum amount.
A company has to replace a machine after 21 years for which it deposits Rs 30,000 every year in the beginning of the year. In all, there are 21 installments deposited at the rate of 5% p.a. Find the future value.