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Profit and Loss Test - 10

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Profit and Loss Test - 10
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  • Question 1
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    Sahil borrows Rs. 16550 from Rishab to be paid back with compound interest at the rate of 10% p.a. in 3 years, in 3 equal yearly instalments. Find the value of each instalment.

    Solution

    Let the value of each equal instalment be Rs. e.
    So, 16550(1 + 0.10)3 = e(1 + 0.10)2 + e(1 + 0.10) + e

    Or, 16550(1.331) = 1.21e + 1.1e + e = 3.31e
    Or, e = 6655

    Thus, the equal instalment is of Rs. 6655.

     

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