A person started keeping aside 10,000 each year for his child's college education in a sinking fund. The amount he will receive after 6 years, if the rate of interest is 10% p.a., is : [Use $(1.1)^6=1.771$]

77,100

The correct answer is Option (1) → 77,100

$S=R×\frac{(1+i)^n-1}{i}$

$R = 10,000$ (Annual deposit)

$i = 0.1$ (interest rate per year)

$n = 6$ (number of years)

$S=10,000×\frac{(1.1)^6-1}{0.1}=10,000×(1.771-1)×10$

$=1,00,000×0.771=77,100$