Question

What annual payment will discharge a debt of Rs.

7620 due in 3 years at 16

3

2

% per annum

compound interest?​

Answer 1

Answer:

Rs.3430

Step-by-step explanation:

Let each installment be Rs x. The

x + x + x

50 50 50

1+3×100 1+3×100 1+3×100

= 7620

or

6x + 36x + 216x

7 49 343

=7620

x = 7620 × 343

7620

= 3430

•°• Amount of each installment = Rs 3430.