Leela takes a loan of rs. 8400 at 10% p.A. Compounded annually which is to be repaid in two equal annual installments. One at the end of one year and the other at the end of the second year. The value of each installment is?
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8400× 110/100×110/100=
84×11×11=10164rs
10164 is total amount payable
10164/2=5082 is value of each installment
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Answer:
Correct answer is 4840
Explanation:
Formula for calculating (1+R)^2P = X+(1+R) * X
(11/10)*(11/10) * 8400 = X+110% * X
11*11*84=210%X
11*11*4*10 = X
X = 4840
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