A sum of Rs 2522 is borrowed from a money lender at 5% per annum compounded annually.If this amount is to be paid back in 3 equal instalments , find the annual instalments (approximately).

925

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800

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875

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567

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Solution

The correct option is A 925
$P = \frac{A}{(1 + \frac{R}{100})^{n}}$
$⟹ 2522 = \frac{A}{(1 + \frac{5}{100})^{1}}$ $+ \frac{A}{(1 + \frac{5}{100})^{2}} +$ $\frac{A}{(1 + \frac{5}{100})^{3}}$
$⟹ A = 926 \approx 925$

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A sum of Rs 2522 is borrowed from a money lender at 5% per annum compounded annually.If this amount is to be paid back in 3 equal instalments , find the annual instalments (approximately).

The correct option is A 925P=A(1+R100)n⟹2522=A(1+5100)1+A(1+5100)2+A(1+5100)3⟹A=926≈925

The correct option is A 925
$P = \frac{A}{(1 + \frac{R}{100})^{n}}$
$⟹ 2522 = \frac{A}{(1 + \frac{5}{100})^{1}}$ $+ \frac{A}{(1 + \frac{5}{100})^{2}} +$ $\frac{A}{(1 + \frac{5}{100})^{3}}$
$⟹ A = 926 \approx 925$