A sum of Rs. 13360 was borrowed at $${\text{8}}\frac{3}{4}$$ % per annum compound interest and paid back in two years in two equal annual installments. What was the amount of each installment ?
A. Rs. 5769
B. Rs. 7569
C. Rs. 7009
D. Rs. 7500
Answer: Option B
Solution(By Examveda Team)
$$\eqalign{ & {\text{Rate of interest (r)}} \cr & {\text{ = 8}}\frac{3}{4}\% = \frac{7}{{80}} = \frac{{87 \to {\text{ Installment}}}}{{80 \to {\text{Principal}}}} \cr} $$⇒ | I | 80×87 | → | 87×87 | ......(i) |
⇒ | II | 6400 | → | 7569 | ......(ii) |
⇒ Total principal = 6960 + 6400 = 13360
⇒ 13360 units = Rs. 13360
⇒ 1 units = Rs. 1
⇒ 7569 units = Rs. 7569
∴ Each installment = Rs. 7569
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Comments ( 1 )
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