Multiple Choice Questions on A sum of Rs 6 000 was taken as a loan This is to be repaid in two equal annual installments If the r........... for Mathematics - All Exams Preparation

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Multiple Choice Questions

A sum of Rs 6 000 was taken as a loan This is to be repaid in two equal annual installments If the r...........

Quantitative Aptitude ( CCS) Compound Interest
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    A sum of Rs 6,000 was taken as a loan. This is to be repaid in two equal annual installments. If the rate of interest is 20% compounded annually then find the value of each installment.

    Rs 4400

    Incorrect Answer

    Rs 2220

    Incorrect Answer

    Rs 4320

    Correct Answer

    Rs 4420

    Incorrect Answer
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    Explanation:

    Formula= x/(1+R/100)^T
    x/ (1+20/100)^1 + x/(1+20/100)^2 = 6600
    solve and get x=4320

    Hence, option 3 is the correct answer.

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