Question

kartik purchased a TV set and paid rs.5000 immediately , another rs.5000 after a year and rs.5000 after 2 years and thus became debt free. Find the price od T.V set if the compound interest charged was 3.5% per annum

Answer 1

Answer:

⇒ Company borrow Rs.10000 i.e. pv=Rs.10000 and I=5%=0.05. A is also given which is Rs.1000

⇒ Present value of annuity regular

⇒ pv=A×[

I×(1+I)

n

(1+I)

n

−1

]

⇒ 10000=1000×[

0.05×(1+0.05)

n

(1+0.05)

n

−1

]

⇒ (1.05)

n

−0.5×(0.5)

n

=1

⇒ (1.05)

n

=2

Taking log both sides

⇒ n=

log1.05

log2

∴ n=14.2years

Step-by-step explanation:

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