Mathematics · Compound Interest
Rita took a loan from Sandhya for ₹4,800. She promised Sandhya that she would repay the loan in two equal annual installments. Find the amount of each installment if the interest rate is 5% per year compounded annually.
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1₹2,500.00
- 2₹2,581.46✓
- 3₹2,640.00
- 4₹2,683.52
Correct answer
₹2,581.46
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