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Anand Rathore

· started a discussion

· 1 Months ago

wrong solution (Question:565196.0)

correct value of each installment will be Rs 15972 not 12000. If you are paying a annual installment of 12k for 3 year I.e 36k which is less than the amount borrowed.how is this possible?

Question:

A sum of \(\unicode{x20B9} \)39,720 is due to be repaid at the end of 3 years.It has to be repaid In three equal annual installments at 10% per annum compounded annually. If Installments are paid at the end of year then find the value of each installment.

Options:
A) \(\unicode{x20B9} \)14,400
B) \(\unicode{x20B9} \)12,000
C) \(\unicode{x20B9} \)15,600
D) \(\unicode{x20B9} \)12,800
Solution:
Ans: (b) Let X be the each annual installment then

(1.1)2 X + (1.1)X + X = 39720

\(\Rightarrow\)1.21 X + 1.1 X + X = 39720

\(\Rightarrow\)3.31 X = 39720

\(\Rightarrow\) X = 12000

\(\therefore\) Each annual installment = \(\unicode{x20B9} \)12,000

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