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A sum of RS. 11000 was taken as loan. This is to be paid in two equal annual instalments.If the rate of interest be 20% compounded annually, then the value of each instalment is

A) RS.7500
B) RS.7000
C) RS.7100
D) RS.7200

Correct Answer:




D) RS.7200

Description for Correct answer:

Let value of each instalment be RS.x

Then, \( \Large \frac{x}{ \left(1 + \frac{20}{100}\right) } + \frac{x}{ \left(1 + \frac{20}{100}\right)^{2} }=11000\)

=> \( \Large x \left(\frac{5}{6}+\frac{25}{36} \right) \)=11000

=> \( \Large x \left(\frac{55}{36}\right) \)=11000

x=RS.7200

Part of solved Compound interest questions and answers : >> Aptitude >> Compound interest

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