A man retires at the age of 60 years and his employer gives him a pension of Rs. 1,200 a year paid in half-yearly installments for the rest of his life. Reckoning his expectation of life to be 13 years and that interest is at 4% p.a. payable half-yearly, what single sum is equivalent to this pension?
A man retires at the age of 60 years and his employer gives him a pension of Rs. 1,200 a year paid in half-yearly installments for the rest of his life. Reckoning his expectation of life to be 13 years and that interest is at 4% p.a. payable half-yearly, what single sum is equivalent to this pension?
