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shekhar ranjan

· started a discussion

· 1 Months ago

N (Question: 129942.0 )

Provide either ci or si

Question:
A sum is to be paid back in 2 equal annual installments. The interest is compounded annually at 7% per annum. If each installment be Rs.11449 then what is the sum? 
Options:
A) Rs.20600 
B) Rs.20900
C) Rs.20500 
D) Rs.20700
E) None of these
Solution:

Sum = P 

 installment for I st year = Px\(\frac{107}{100}\)-11449

Installment in II nd year 

 (Px\(\frac{107}{100}\)-11449)*\(\frac{107}{100}\)=11449

107(P/100 - 107)*1/100= 107

     (P/100 - 107)*1/100= 1

      P/100 = 207

        P = 20700 Rs 


Alternative solution- 

11449 × (\(\cfrac{100}{107 }\) + \(\cfrac{10000}{11449}\) )  

= \(\cfrac{11449 × 20700}{11449 }\)    = 20700


Knowledge Expert

· commented

· 1 Months ago

Detailed solution has been provided to you.
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