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Jishnu Dey

· started a discussion

· 1 Months ago

Doubt regarding the solution (Question:125232.0)

How are you arriving at 25/31

Question:
A sum is to be paid back in 3 equal annual installments. The interest is compounded annually at 24% per annum. If each installment be Rs.29791 then what is the sum?
Options:
A) Rs.59325             
B) Rs.59225         
C) Rs.59025             
D) Rs.59125         
E) None of these
Solution:

29791 × (\(\cfrac{25}{31}\) + \(\cfrac{625}{961}\) + \(\cfrac{15625}{29791}\))

= 29791 × \(\cfrac{24025 + 19375 + 15625}{29791}\)

= 59025


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