Question
Download Solution PDFA sum of Rs. 6,000 is to be paid back in two equal annual installments; each installment is to be paid at the end of every year. How much is each installment if the interest is compounded annually at 2% p.a.? (Rounded off up to two decimal places)
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFCalculation:
Rate = 2% pa
| Year | ||
| I | 100 | 102 |
| II | 1002 |
1022 |
As both installments are equal multiply I by 102, So
| Year | ||
| I | 100 × 102 | 1022 |
| II | 1002 |
1022 |
Total principle is 10200 + 10000 = 20200
According to the problem
20200 = 6000
1 = 6000/20200
1022 = 6000/20200 × 1022
3090.30
Each installment equals to Rs. 3090.30.
∴ Option 2 is the correct answer.
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