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Q. A sum of Rs. 4000 is borrowed at 8% p.a. Compound interest and paid back in 3 equal annual instalments. What is the amount of each instalment?


A
1874.89
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B
1862.56
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C
1686.65
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D
1698.06
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Solution

The correct option is B 1862.56
4000=x1.083+x1.082+x1.084000=x(11.083+11.082+11.08)x=40002.5771x=1862.56

Numerical Aptitude

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