A builder borrows Rs.2550 to be paid back with compound interest at the rate of4% per annum by the end of 2 yr in two equal yearly installments. How muchwill each installment be?

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RRB GG Exam (Bhopal) 2009 click here to view all questions

A builder borrows Rs.2550 to be paid back with compound interest at the rate of 4% per annum by the end of 2 yr in two equal yearly installments. How much will each installment be?

ARs.1352

BRs.1377

CRs.1275

DRs.1283

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Correct answer is: Rs.1352 Explanation: Amount = Rs 2550 Rate = 4% per annum Time = 2 years Applying the formula $P= \frac{X}{\Big(1+\frac{r}{100}\Big)^n}+ …………………….\frac{X}{\Big(1+\frac{r}{100}\Big)}$ Here we have two equal installments, so $P= \frac{X}{\Big(1+\frac{r}{100}\Big)^2} + \frac{X}{\Big(1+\frac{r}{100}\Big)}$ $\implies 2550= \frac{X}{\Big(1+\frac{4}{100}\Big)^2} + \frac{X}{\Big(1+\frac{4}{100}\Big)}$ $\implies X = \text{ Rs 1352}$   prakash ? answered Dec 23 '2019 at 10:32 All Comments

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