Mathematics · Compound Interest
A sum of Rs. 18,540 was borrowed at 1212% per annum compound interest, compounded annually, and paid back in two years in two equal annual installments. What was the amount of each installment?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1Rs. 11,542.40
- 2Rs. 9,270.00
- 3Rs. 10,800.00
- 4Rs. 11,042.20✓
Correct answer
Rs. 11,042.20
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