Q:
What annual payment will discharge a debt of Rs.7620 due in 3years at % per annum interest?
Answer & Explanation
Answer: C) 3430
Explanation: Let each installment be Rs.x. Then,
(P.W. of Rs.x due 1 year hence) + (P.W of Rs.x due 2 years hence) + (P.W of Rs. X due 3 years hence) = 7620.
=> x = 3430
Amount of each installment = Rs.3430
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