What annual payment will discharge a debt of Rs- 7620 due in 3 years at1623- per annum compound interest-

Let each installment be Rs. x then, x(1+503× 100)+x(1+503× 100)^2 +x(1+503×100)^3=7620 or 6x7+36x49+216x343=7620 294x+252x+216x=7620× 343 or x=7620× 34376 ...

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Compound Interest

What annual p...

Question

What annual payment will discharge a debt of Rs. 7620 due in 3 years at
$16 \frac{2}{3} % per annum compound interest?$

Rs. 2540

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Rs. 3430

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Rs. 3260

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Rs. 3380

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Solution

The correct option is B Rs. 3430
$Let each installment be Rs. x then,$

$\frac{x}{(1 + \frac{50}{3 \times 100})} + \frac{x}{{(1 + \frac{50}{3 \times 100})}^{2}} + \frac{x}{{(1 + \frac{50}{3 \times 100})}^{3}} = 7620$

$o r \frac{6 x}{7} + \frac{36 x}{49} + \frac{216 x}{343} = 7620$

$294 x + 252 x + 216 x = 7620 \times 343$

$o r x = \frac{7620 \times 343}{762} = 3430$

$∴ Amount of each installment = Rs. 3430$

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What annual payment will discharge a debt of Rs. 7620 due in 3 years at 1623% per annum compound interest?

The correct option is B Rs. 3430Let each installment be Rs. x then, x(1+503×100)+x(1+503×100)2+x(1+503×100)3=7620 or 6x7+36x49+216x343=7620 294x+252x+216x=7620×343 or x=7620×343762=3430 ∴Amount of each installment = Rs. 3430

What annual payment will discharge a debt of Rs. 7620 due in 3 years at
$16 \frac{2}{3} % per annum compound interest?$