Question
Download Solution PDFA builder borrows ₹ 2,550 to be paid back with compound interest at the rate of 4% per annum by the end of 2 years in two equal yearly instalments. How much will each instalment be?
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFAmount ‘A’ = Rs. 2550
R = 4% per annum
n = 2 years
let the two equal instalment be x
⇒ Present worth = instalment/(1 + r/100)n
⇒ P1 + P2 = A
⇒ 25/26x + 625/676x = 2550
⇒ (650 + 625)x/676 = 2550
⇒ 1275/676 x = 2550
⇒ x = (2550 x 676) /1275The value
⇒ x = 1352
∴The Value of each instalment will be Rs. 1352
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