What is the amount of equal installment, if a sum of Rs. 1428 due 2 years hence has to be completely repaid in 2 equal annual installments starting next year?.

A. 700

B. 800

C. 650

D. cannot be determined

Answer: Option D

Solution(By Examveda Team)

As short - cut of installment for 2 installments is given by
Installment = $$ {\frac{{\text{P}}}{{ {\left( {\frac{{100}}{{100}} + {\text{R}}} \right) + {{\left( {\frac{{100}}{{100}} + {\text{R}}} \right)}^2}} }}} $$
There is the need of rate (R) which is unavailable in the question.
so, we cannot determine the answer