A sum of Rs 3 50 500 is to be paid back in 2 equal annual instalments How much is each instalment if...........

Quantitative Aptitude ( CCS) Compound Interest

A sum of Rs.3,50,500 is to be paid back in 2 equal annual instalments. How much is each instalment, if the rate of interest charged 4% per annum compound annually ?

Rs.1,90,450

Rs.1,65,876

Rs.1,76,545

Rs.1,85,834

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Explanation:

Total value of all the 3 instalments
[X*100/104] + [X*100*100/104] = 3,50,500
X*25/26 + x*625/676 = 3,50,500
X*25/26[1+25/26] = 3,50,500
X*25/26[51/26] = 3,50,500
X = 3,50,500*676/25*51 = 1,85,833.72 = 1,85,834