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Maths Puzzle
What annual payment wil discharge a debt of Rs. 7620 due in 3 years at 16 2/3 % per annum compound interest?
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- Let each installment be Rs.x
(P.W. of Rs.x due 1yr hence)+(P.W of Rs.x due 2yr hence)+(P.W of Rs. X due 3yr hence)=7620.
x/(1+(50/3*100))+ x/(1+(50/3*100))^2 + x/(1+(50/3*100))^3=7620
(6x/7)+(936x/49)+(216x/343)=7620
294x+252x+216x=7620*343
x=(7620*343/762)=3430
Amount of each installment=Rs.3430 - 9 years agoHelpfull: Yes(0) No(0)
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