Ashifur August 8, 2023 - 17:53
Problem: A sum of TR. 1260 is borrowed from a money lender at 10% p.a compounded annually. If the amount is to be paid in two equal annual installments, find the annual installment?

View all: BASIC BANK OFFICER (AO) | WRITTEN QUESTION (MATH) SOLVE | 2014

Correct Answer: ans: TK. 762.30

Explanation:

Principal = Tk. 1260,Rate of interest, r = 10%

Time = 2 years

We know,A =P(I + r)” [ where, A = Amount = P + I]

=> A =1260 (1+$\frac{1}{10})^{2}$

=> A = 1260 x $\frac{121}{100}$

A = 1524.60.

Since the amount has to be paid in two equal annual installment.

So the annual installment = (1524.60 $\div$ 2) = TK. 762.30

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