Multiple Choice Questions on A sum of Rs 5000 was taken as a loan and the amount is to be repaid in two equal annual installments........... for Mathematics - All Exams Preparation

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Multiple Choice Questions

A sum of Rs 5000 was taken as a loan and the amount is to be repaid in two equal annual installments...........

Quantitative Aptitude ( CCS) Compound Interest
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    A sum of Rs. 5000 was taken as a loan and the amount is to be repaid in two equal annual installments. If the rate of interest be 10% compounded annually then find the value of each installment.

    Rs.1859.4
    Incorrect Answer
    Rs.1550.25
    Incorrect Answer
    Rs.2330.5
    Incorrect Answer

    Rs.2880.95

    Correct Answer
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    Explanation:

    Let x be the annual payment.
    X due to 1 year + x due to 2nd year = 5000
    => x/(11/10)^1 + x/(11/10)^2 = 5000
    => x=2880.95

    Hence, option 4 is the correct answer.

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