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Finding CI When Rate Compounded Annually

A man borrowe...

Question

A man borrowed some money and paid back in 3 equal instalments of Rs 2160 each. What sum did he borrow if the rate of interest charged was 20 % p.a .compounded annually?

A

4551.12

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B

4334.24

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C

4768.97

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D

None of these

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Solution

The correct option is A 4551.12
We know that,
$A = P (1 + \frac{r}{100})^{n}$
$⟹ 2160 = P (1 + \frac{20}{100})^{2} ⟹ P = R s .4551 .12$

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