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Question

John takes a loan of Rs. 45,500 from the bank at the rate of 20% per annum compound interest and agrees to pay it in 3 equal installments, one installment at the end of every year. Find the value of each installment.

A
Rs. 20,500
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B
Rs. 21,000
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C
Rs. 21,400
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D
Rs. 21,600
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