A person pays 400 $e v e r y y e a r a s l o a n i n s t a l l m e n t s t o a b a n k . I f e v e r y y e a r b a n k i n c r e a s e s t h e i n s t a l l m e n t a m o u n t b y$ 104$ years.

1324 $

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1456.4 $

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1856.4 $

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884 $

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Solution

The correct option is C 1856.4 $G i v e n p e r s o n p a y s$ 400$ every as loan installments to bank
And every year bank increases installments $10 %$ every year
Then after one year installments $=$ $400 \times \frac{110}{100} =$ 440$
And after two year installments $440 \times \frac{110}{100} =$ 484$
And after three year installments $484 \times \frac{110}{100} =$ 532.40$
Then person paid installments in $4$ years $=$ $400 + 440 + 484 + 532.40 = 1856.40$

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