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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
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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