Question 91

The equal annual installment which clears the debt of Rs.7620 due in 3 years at $$16\frac{2}{3}$$% per annum compounded is (in Rs.)

Solution

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Let say ,x is the equal installment to be paid.

So,

$$7620(1+1/6)^3= x(1+1/6)^2$$

+x(1+1/6)+x.

or,$$x=3430(approx).$$

So,A is correct choice.

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