CLEAR
Toprankers-Info

+91 7676564400

Mobile App

Get it on Google Play
Discussions
Tags:

Articles

Discussions
Submit Discussion
Sovon

· started a discussion

· 1 Months ago

can't understand (Question: 89814.0 )

How is it calculated by x[1+(1.08)+(1.08)^2] ??

Question:

A sum of \(\unicode{x20B9} \)10000 is borrowed at 8% p.a compounded annually which is paid back in 3 equal annual  installments. What is the amount of each installments?

Options:
A) 3880
B) 4200
C) 3560
D) 3680
E) None of these
Solution:

Let, amount to each installment be Rs x,  

10000 (1.08)3=x [1+(1.08)+(1.08)2]

⇒ x = 3880.335 

∴ each installment = 3880.335

kanhaiya jha

· commented

· 1 Months ago



10000 (1.08)^3=x [1+(1.08)+(1.08)^2]

12597.12 = x * 3.2464

x = 12597.12 / 3.2464

⇒ x = 3880.335

-logo
We at aim to provide most comprehensive content & test for practice which is carefully divided into various chapters and topics to help you focus on your weak areas.Our Practice mock test gives you unmatched analytics to help you realize your strong areas,time management and improvement areas.Our Short & Crisp notes on each topic will help you to quickly revise the topic along with the tips & tricks of the exams.
More About
-Info
-Info

Mobile App

Get it on Google Play
About Us Campus Ambassador Careers Contact Us Refund Policy

All Rights Reserved Top Rankers

User Policy
Disclaimer
Terms & Conditions