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Q.

What annual payment will discharge a debt of Rs. 1025 due in 2 years at a rate of 5% compound interest?


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a

Rs. 550

b

Rs. 551.25

c

Rs. 560

d

Rs. 560.75 

answer is B.

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Detailed Solution

A=P1+R100n
amount has to be paid is 10251+51002.
we have to take x to be the annual installment which discharges the debt. So, according to the annual installment amount paid is x1+51002-1+x1+51002-2.
10251+51002=x1+5100+x
⇒102521202=x2120+x
⇒x=551.25
  
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